Real Estate

Lodha Group’s UK armraises $200 m to repay debt

PTI New Delhi | Updated on March 06, 2020 Published on March 06, 2020

Bonds to be listed on Singapore bourse

Realty firm Lodha Group on Friday said its UK subsidiary has raised $200 million (around ₹1,473 crore) through issuance of bonds in the Singapore market and the amount will be used to repay debt. Lodha Developers International Ltd, a wholly-owned subsidiary of Mumbai-based Macrotech Developers (earlier known as Lodha Developers), closed its dollar bond-issue and raised ₹200 million in Senior Secured Notes maturing in 2023.

Lodha Developers International launched a ₹225 million bond-issue on February 27. The bonds will be listed on the Singapore Exchange.

The proceeds will be used to fully repay its outstanding ₹324 million Senior Notes due on March 13, 2020, a company statement said.

“We closed the bond raise of ₹200 million with leading global investors. Several existing investors increased their position. Bankers to the deal were JP Morgan, UBS and CLSA,” said Macrotech Developers MD & CEO Abhishek Lodha.

Many global investors, including Allianz, Citi, UBS, and Fidelity, invested in this bond-issue, sources said on Thursday.

In addition to raising ₹200 million, the UK subsidiary had raised £86 million (₹800 crore) last month.

Macrotech Developers made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London for over £300 million (₹3,100 crore).

It is India’s largest residential real estate developer by sales and construction area.

From India business, Macrotech Developers clocked net new sales of over ₹7,000 crore in 2018-19 with collections of over ₹9,000 crore. It delivered over 10,000 offices and homes in FY 2018-19.

 

Published on March 06, 2020
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