ABIL invests Rs. 900 crore on London property

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ABIL Group which is based in Pune, has recently snapped up a prime property located in London’s Trafalgar Square. 5 Strand, the premium real estate acquisition, has been purchased for approximately Rs. 900 crore or 100 million pounds as per reports from Black-Rock, the United States investment management conglomerate. ABIL Group has also paid up 5% of the value of the transaction by way of stamp duties.

ABIL Group is aiming to develop a premium hotel on this luxury property which will have inventory of at least 210-240 rooms. An added investment of more than 80 million pounds will be deployed into building this hotel accordingly. ABIL Group currently has four luxury hotels in the country, namely W Goa at Goa, Le Meridien at Nagpur, The Westin at Pune and St. Regis at Mumbai.

5 Strand is currently a retail and office hub which had key tenants such as Boots Plc, the pharmacy based health and beauty brand in the United Kingdom and Westminster Council among others. The property covers 72, 359 sq. ft. and an additional 152, 400 sq. ft. can also be developed for this freehold development. Adjaye Associates and its design team had earlier planned out a mixed-use system where prime office space would take up around 61, 670 sq. ft. and retail space would encompass around 5, 376 sq. ft.

Additionally, luxury residential units would be housed in a whopping 38, 941 sq. ft. However, the plans were modified later on to increase office space to approximately 91, 177 sq. ft. or include a luxury and lifestyle hotel of 200 rooms covering 145, 744 sq. ft. The location is highly strategic in close proximity to several underground stations including the Charing Cross Mainline.