Indiabulls Real Estate has acquired a commercial property in London for around Rs 1,550 crore. The company has bought an 87,444 sq ft property, 22 Hanover Square, in an auction from the Scottish Widows Investment Partnership, which is now part of Aberdeen Asset Management. Mayfair is an up-market London neighbourhood, home to the significantly wealthy.
Indiabulls is looking to finance the transaction through internal accruals. It is planning to convert the building, which is currently rented out to international property consultants, JLL into a luxury residential property.
Indiabulls Real Estate is country’s third largest property company. It has various development projects in the residential, commercial, hotels, malls, and Special Economic Zone (SEZ) segments. The company’s projects portfolio includes high-end office and commercial spaces, premium residential developments, integrated townships, luxury resorts and SEZs.
