Lodha Group’s London-based arm Lodha U.K., has raised $375 million (£290 million) as construction funding from private investment firm Cain Hoy for its Lincoln Square development in London.
Named as No.1 Grosvenor Square, the marquee residential real estate project is located adjacent to the London School of Economics (LSE) and close to Covent Garden.
The loan facility is one of the largest ever from a single provider for a U.K. residential project, Lodha Group said on Wednesday. Lodha Group in partnership with Trump Organization, US President Donald Trump’s company, is developing Trump Tower in Mumbai.
Lodha U.K.’s project in London is currently under construction and is expected to complete in the last quarter of 2018. So far, over 78 units worth almost $170 million (£130 million) have been sold since its opening of sale in May 2016. Construction is being carried out by Multiplex, the construction arm of global investment major, Brookfield.
The facility includes £80 million to replace the existing debt, provided by Cain Hoy last autumn, and the balance will be used to complete the project over the next two years.
Lodha U.K. will unveil its flagship project this summer. Located in the heart of Mayfair, No. 1 Grosvenor Square will offer premium residences on one of London’s most prestigious addresses, according to the company.
