Lodha UK, the London based development arm of India’s largest real estate developer, Lodha Developers, has raised USD 375 million (GBP 290 million) as construction funding for its Lincoln Square development in London, located adjacent to the London School of Economics (LSE) and close to Covent Garden. The facility, which is one of the largest ever loans from a single provider for a UK residential project, has been provided by Cain Hoy, the private investment company.
The development is currently under construction and is expected to be completed in the last quarter of 2018. The project has been one of the star performers of the London residential market with over 78 units worth almost USD 170 million (GBP 130 million) sold since its launch in May 2016. Construction is being carried out by Multiplex, the construction arm of global investment major, Brookfield.
The facility includes GBP 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.