Pune’s ABIL Buys London Property For Rs 900 Cr

To diversify its portfolio and expand itself globally, Pune-based ABIL Group has purchased a property in London’s prime location Trafalgar Square. The property, 5 Stand, has been bought for £100 million (approximately Rs 900 crore) from American global investment management corporation Black-Rock. The builder also paid five per cent of the transaction value as stamp duty.

The developer aims to construct a world-class hotel on this property with 210-240 keys inventory for an additional investment of over £80 million.

ABIL runs four luxury hotels across India, including St. Regis in Mumbai, W Goa in Goa, The Westin in Pune and Le Meridien in Nagpur.

About property

Here are some interesting facts about 5 Strand:

The space: The property is an office and retail space that had the Westminster Council as its prime tenant along with Boots Plc, a UK-based pharmacy-led health and beauty retailer.

The spread: Spread in an area of 72,359 sqft, the freehold property has been given a planning consent to be developed further into a 152,400 sqft space.

The usage: When the property was given a planning consent, the design team of Adjaye Associates had planned a mixed-use scheme that included 61,670 sqft of prime office accommodation, 5,376 sqft of retail space and 38,941 sqft of luxury residential units. However, later plans were also floated to increase the space for office scheme to 91,177 sqft of office space or alternatively the option of a 200+ room lifestyle hotel totalling 145,744 sqft.

The vicinity: It is located close to the Charing Cross Mainline and other London underground stations.