Real Estate

Lodha Developers in talks to sell London properties for Rs 4,200 crore: report

Updated : November 28, 2018 08:26 AM IST

The property developer is close to completing its formalities to sell Lincoln Square on Carey Street and 1 Grosvenor Square in Mayfair to a London-based international fund: report

Lodha Developers had a net debt of around Rs 14,000 crore, three times its net worth (Rs 4,660 crore), as on December 31, 2017.

Lodha Developers in talks to sell London properties for Rs 4,200 crore: report

The Mumbai-based realtor Lodha Developers is in talks to sell two of its residential projects in London for about Rs 4,200 crore to bring down debt, The Economic Times reported.

The property developer is close to completing its formalities to sell Lincoln Square on Carey Street and 1 Grosvenor Square in Mayfair to a London-based international fund, a person familiar with the talks told the ET.

“It would help the company lower leverage. Also, the offer is believed to be good. It would generate an internal return of around 18 percent,” another source told the newspaper.

Lodha Developers had a net debt of around Rs 14,000 crore, three times its net worth (Rs 4,660 crore), as on December 31, 2017.

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