Indian real estate developer Indiabulls Real Estate has bought an iconic building in London's Mayfair for GBP155m.
The 87,444 sq ft 22 Hanover Square has been purchased from Scottish Widows Investment Partnership (SWIP), now part of Aberdeen Asset Management, who put the building up for sale in April through H2SO.
Sameer Gehlaut, chairman, Indiabulls Group, says: “The building’s location in prime Mayfair adjoining Bond Street is truly exceptional and Hanover Square will become arguably London's 'best connected' square when the new Bond Street Crossrail station opens in 2018. The building has huge potential for redevelopment."
One of the Bond Street station's entrances will be on the north-west corner of the square and just 50 metres from 22 Hanover Square.
H2SO’s John Olney says: "Freehold assets of this quality and scale are rare in Mayfair, and there was a very high level of investor interest in the building. Four parties were selected from the first round of bidding to participate in the final round. Indiabulls Real Estate emerged as the highest bidder in a closely contested bid process.”
Indiabulls Real Estate is part of GBP2bn Indiabulls Group and one of the largest real estate companies in India with development projects spread across high-end offices, commercial complexes and premium residential developments with over 24 million sq ft of projects under construction.
H2SO - which has recently become part of Colliers International - advised SWIP on the sale.