Lodha UK has received about $375 million from a UK-based private investment company Cain Hoy to fund the construction of its residential project Lincoln Square in London. This is one of the largest amount given as a loan for a UK residential project.
Lincoln Square is located adjacent to the London School of Economics and near Covent Garden in London. This under-construction residential project is most likely to be completed by the fourth quarter of 2018. The construction contract is given to Multiplex, a construction arm of Brookefield. The project was launched in May 2016 and since then, it has sold over 78 units worth $170 million.
The London-based development arm of Lodha Group has added 80 million pounds in its construction funding facility to pay the previous loan given Cain Hoy. The rest of the fund will be spent on the construction for next two years.
“Lincoln Square is an exceptional project where sales are performing well and this financing highlights our confidence in Lodha and the London market, as well as our ability to write large bilateral loans,” says Matteo Milan, Director, Cain Hoy.
Source: ET Realty