The ABIL group, mainly involved in mainframe infrastructure projects in India, has purchased an eight-storey commercial building in London’s Trafalgar Square worth Rs. 850 crores. The property named “Five-Strand” was owned by BlackRock UK Property Fund who had net assets of 3378.1 million. The acquisition was made through debt and equity. The Pune-based group has acquired the land intending to build a luxury hotel and has already constructed 4 luxury hotels in India - St Regis Mumbai, W Goa, Westin Pune, and Le Meridian Nagpur. The construction of the hotel will start by mid next year and will have about 200 rooms. The company is hoping for a brand tie-up as well.
Amit Bhosale, Managing Director of the Group said, “The property at the Trafalgar Square has the development potential of 1.5 lakh square feet, and was owned by the BlackRock UK Property Fund. After successfully competing through a global bidding process, ABIL has acquired the property at an all-inclusive cost of 97 million Pounds (Approximately Rs 850 crore).” The focus would be on deciding the hospitality brand. This is the Group’s first overseas project.
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