BLP advises Lodha Group on first ever UK deal
International law firm Berwin Leighton Paisner (BLP) has confirmed today it acted for India’s largest real estate developer, Lodha Group (Lodha), on its acquisition of the Canadian High Commission at One Grosvenor Square, for £306m, for residential development.
The acquisition represents Lodha Group’s first foray into the London market. Lodha successfully secured the property against stiff competition from a number of high-profile bidders, including CPC Group, PCP Capital Partners, a consortium fronted by Hong Kong billionaire Joseph Lau and Fenton Whelan backed by a consortium of investors.
It was a highly confidential bid process, requiring Lodha to exchange binding contracts for the acquisition within 48 hours of its preferred bidder status being confirmed by the Canadian Government.
Real Estate Partner, Deepa Deb, conducted the transaction and commented: “This has been a challenging transaction not least on account of the confidentiality required to be maintained throughout and the timeframe in which it has been undertaken is quite remarkable. It goes without saying that we are delighted to have worked alongside Lodha on this, its first London transaction. Despite the complexities and tight timeframe, the transaction went incredibly smoothly and we are very much looking forward to continuing to work with Lodha on the One Grosvenor Square project as it continues to move forward.”
Justin Gaze, Partner at Knight Frank who advised Lodha, also commented: “We were incredibly impressed by the tireless, pragmatic and professional legal advice provided by Deepa Deb of Berwin Leighton Paisner LLP over a highly condensed exchange over a 48 hour period between the Canadian government and the first major overseas development purchase by the Lodha Group.”
Abhishek Lodha, managing director of Lodha said: “We are very happy to work with BLP on this transaction. We find them to be proactive, client focussed, efficient and most importantly, of sound judgement.”
The Canadian Government was advised by Savills and Baker & McKenzie.
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Berwin Leighton Paisner
BLP’s Real Estate department is ranked in the top tier by Chambers and Partners and Legal 500. The international law firm has over 850 fee earners, including more than 200 partners. Active in nine major sectors and across a range of industries, we have an established global footprint and last year we worked or had clients in 130 countries worldwide. Our clients’ business is global and so are we. In addition to eleven wholly owned offices across three continents, we have flexible, proactively managed relationships with more than 100 leading ‘preferred firms’ in over 65 countries. We have completed award winning, multi-disciplinary assignments for clients across a range of sectors and industries including FTSE 100 companies and financial institutions, major multinationals, the public sector, entrepreneurial private businesses and individuals.
London, Abu Dhabi, Beijing, Berlin, Brussels, Dubai, Frankfurt, Hong Kong, Moscow, Paris and Singapore
Established in 1980, the Lodha Group is Mumbai’s premier real estate developer with net sales exceeding INR 87 billion in FY 12-13. The Group is currently developing in excess of 35 million sq.ft. of prime real estate, with over 20 projects in Mumbai, Pune & Hyderabad.
The Lodha Group has several landmark developments to its credit, including World One – the world’s tallest residential tower and Lodha Bellissimo – the only Indian residential development to feature amongst the top 1000 landscapes in the world.