Lodha buys London's MacDonald House for Rs 3,200 cr

Ottawa: Canada has sold a large embassy building in London's luxury Mayfair district to Indian developer Lodha Dwellers Pvt Ltd for $530 million (Rs 3,200 cr approx), the Canadian foreign ministry said on Thursday.

The 150,000 square feet MacDonald House is the headquarters of the Canadian High Commission in Mayfair area and it is near the Grosvenor Square which is one of the prime properties is London.

Canada wanted to dispose of the large six-storey building in Grosvenor Square because it plans to consolidate all diplomatic activities in another official Canadian property on Trafalgar Square. Canada was advised by Savills PLC .

 Lodha buys Londons MacDonald House for Rs 3,200 cr

The Canadian High Commission has sold Macdonald House in Grosvenor Square, London. Reuters

Foreign embassies are abandoning London's premier addresses such as Mayfair and Kensington as the world of diplomacy changes in the face of security risks and new technology.

The sale also reflects the Conservative government's desire to put the Canadian foreign service on a more business-oriented footing, in part by disposing of its more opulent buildings.

Canada disposed of its mansion-like residence in Dublin in 2008 and is trying to sell the ambassador's house in Rome.

The government on Wednesday said it wanted the foreign service to focus on what Ottawa called "economic diplomacy" - boosting business for Canada, particularly in emerging markets such as China, South Africa and Brazil.

Reuters

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Updated Date: Dec 21, 2014 01:18:20 IST