Cain Hoy backs Indian developer for U.K. residential scheme
Lodha U.K., the London-based development arm of Mumbai-based Lodha Developers Pvt., has raised £290 million ($375 million) of construction finance from London-based investor Cain Hoy for its Lincoln Square project.
The Lodha transaction includes replacing existing debt, with the balance to be used to complete the project over the next two years.
The Lincoln Square project, which is a 10-story luxury residential building, is currently under construction and is expected to be completed in the last quarter of 2018. Project construction is being carried out by Brookfield Multiplex, the construction arm of Canada’s investment firm Brookfield Asset Management.
Lodha U.K. will also unveil its flagship luxury residential development No. 1 Grosvenor Square this summer. Lodha Developers forayed into the London market in November 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London from the Canadian Government for more than £300 million ($388 million).