FIRMS AND MOGULS CASH IN ON UK REAL ESTATE RETURNS
COMPANIES and private individuals from the Indian subcontinent have been pouring money into prime UK property, targeting some of Britain’s most prestigious and historic tracts of real estate.
The transactions range from luxury apartments in London and Manchester to massive development schemes worth hundreds of millions of pounds.
In one of the most spectacular projects to be announced recently, Indian media mogul Dr Subhash Chandra revealed he is in advanced talks about taking over the 62-acre Silvertown site in London’s Royal Docks and building a £1 billion peace park. And last month Indian billionaire Yussuffali Kader’s Lulu Group revealed it has bought a Waldorf Astoria hotel in Edinburgh for around £90 million.
The Abu Dhabi-based conglomerate previously struck a £110m deal with UK property developer Galliard Homes to turn the historic site of the original Scotland Yard Police Station in London into a luxury hotel.
Other large-scale development projects include the sale of the Canadian High Commission at 1 Grosvenor Square, one of the most prestigious addresses in the capital, to India’s Lodha Group for £306m.
The Mumbai-based company has also purchased a historic Lincoln Square property, situated next to the Royal Courts of Justice, to be turned into luxury apartments at a construction cost of £150m. Meanwhile Blackrock’s UK Property Fund revealed last month it had sold 5 Strand on Trafalgar Square in London to a private Indian developer for more than £80m.
While institutions and developers have captured the headlines, there has also been a surge of activity by private individuals. In central London, purchasers from India now form the second largest group of buyers of high end property, accounting for 22 per cent of sales last year. The higher rate of transactions to this group rose from just five per cent two years previously.
Analysts say the jump was sparked by a relaxation in the rules governing how much money Indian buyers can take out of the country. The Reserve Bank of India adjusted its so-called liberal remittance scheme in 2015, meaning that a family of four can take out $1m instead of a previous maximum of $400,000.
Camilla Dell, managing partner at buying agency Black Brick, said: “It means that a family of four, after one year, will have $1m to spend, and after two years $2m. It quickly adds up and explains why a lot of our Indian clients are buying in the £1m to £2m range.”
Another factor attracting Indian buyers to property in central London is that prices of luxury flats have fallen since 2014. Coupled with the fall in the value of the pound, this has made it easier for international buyers to acquire properties.
Naomi Heaton, chief executive officer of London Central Portfolio, said: ‘Despite two years of slower price growth due to tax headwinds and the UK’s Brexit vote, prime central London has remained attractive to international buyers as a safe haven.
“As India has become a more challenging place to invest in with high loan interest rates and rising prices in the main urban centres, together with increasing global political and economic uncertainty, Indian buyers with a larger amount of capital to spend have increasingly turned to London as an investment destination of choice.”
She added: “As sterling has weakened against foreign currencies, representing a 20 per cent discount for US$ denominated investors compared with two years ago, we are now seeing Indian buyers becoming an increasingly dominant force in the marketplace. They have overtaken buyers from the Middle East, who have fallen to third place.’
Of all the developments involving Indian investors, perhaps the most audacious is Dr Chandra’s. The tycoon, who is India’s 19th wealthiest individual with a fortune of £3.5bn, wants to build a giant “peace theme park” on the Silverton site.
He flew to London last month to talk to mayor Sadiq Khan about his vision, which involves the construction of a £1bn cultural centre spotlighting the achievements of Indian and other ancient civilisations over the past six millennia. Using animatronics and 4D technology, it would replicate how the world looked 6,000 years ago and how it has evolved.
Visitors will start at the top of the centre and work their way through museums, art galleries and interactive experiences highlighting the origins of the Indus and other civilisations to the modern day. The centre will also provide space for mediation, yoga and dance as well as a conference centre, exhibition facilities and global news and TV studios.
Dr Chandra’s company the Essel group, an Indian conglomerate with diverse interests in such sectors as media, entertainment, packaging, finance and technology, said if its bid to buy the site is accepted it would be transformed into a major world class attraction and a “cultural landmark” for London which will “defy traditional tall build typologies” and transform the city skyline. Spanning 2.5 million square feet, the centre would also include museums, a theatre, shops, restaurants, a botanical garden and a luxury hotel – delivering 5,000 jobs in London’s east end.
Essel Group spokesman Parul Goel said: “London remains the beating heart of Europe, and the Essel Group is committed to making a huge investment. With Brexit looming, this kind of investment into the UK represents a massive coup for the Greater London Authority and mayor Sadiq Khan. The cultural centre will be like no other in the world, and we aim to put this part of London back on the map.” If the plans are approved, the Essel Group’s proposed development of Silvertown could see the cultural centre open by 2023.
One huge Indian-led project that is definitely coming to fruition is the brand new Great Scotland Yard Hotel, which is set to open in the autumn. It comes after Indian billionaire Yusuffali Kader’s Dubai-based LuLu Group struck a £110m deal with UK property developer Galliard Homes to transform the site of the original Scotland Yard Police Station in London into a 235-room, five-star hotel.
The 92,000 sq ft building was the original headquarters of the London Metropolitan Police and later served as a recruitment base for the British Army. In keeping with its character, the outer facade of the original Edwardian building has been fully maintained, while the interior has been ripped out.
It is Lulu Group’s second London investment after it previously bought a stake in the East India Company. Twenty14 Holdings, its hospitality investment arm, has also just completed the acquisition of a Waldorf Astoria hotel – The Caledonian – on Edinburgh’s famous Princes Street.
Kader, one of India’s richest men with a range of interests, from supermarkets to food processing, already runs Hyatt and Marriott hotels in southern India and other hotels in Oman and Dubai through Lulu Group.
Asked about the effects of Brexit on his UK projects, a Lulu spokesman said some developments had actually “picked up” since the referendum decision. He added: “When Brexit does happen, there will be fund movement, which would naturally bring certain financial constraints. However, unless a proper solution or decision is taken, it is too early to opine or reach a conclusion on the matter.”
The jump in Indian purchasers has been set against a substantial drop in the number of European investors following the pro Brexit vote in June 2016.
As the group most affected by the UK’s withdrawal from the EU, Europeans’ proportion of the market has slumped by over two thirds. But it seems Indian investors may have taken up some of the slack. That said, Lodha Group, one of the biggest property developers in India and most famous for its Trump Tower in Mumbai, was already growing its UK presence at the time of the vote to leave.
Lodha moved into London’s residential property sector in 2013 where it is currently developing two projects including luxury apartments in historic Lincoln Square. Lodha said that in the first month of putting the apartments on the market in May 2017, nearly a year after the referendum vote, it had done £125m of sales.
Meanwhile its transformation of the former Canadian High Commission building in Mayfair is due to be completed at the end of 2019 with the 44 apartments offered at a starting price of around £7m.
A Lodha spokesman said: “The immediate aftermath of Brexit was concerning, but I think since then, things have actually been quite good. We are a business which likes scale... and we felt that the scale of Mumbai cannot be replicated anywhere else in India and therefore one had to look outside.”
He added: “We felt London was a market which has sizable scale, had an absence of very large-scale developers, and where one could do high-quality development. The price points were there to support the high quality of development. The overall attractiveness of London as a city, as well as the resilience of the UK economy, has really surprised a lot of us.”
According to the 2018 Wealth Report compiled by global consultancy firm Knight Frank, the number of Indians with assets of more than $50 million rose by 54 per cent between 2012 and 2017, making it third in Asia after China and Japan with respect to the size of its super rich population. The number is set to rise by nearly 71 per cent to 4,980 by 2022.
The Wealth Report 2018 said that at 54 per cent, India records one of the fastest growth indexes in its super prime population of individuals with a net worth of $50 million between 2012 and 2017.
Amit Goyal, CEO of India Sotheby’s International Realty, the luxury real estate advisory service, said that with prices of high end property in places like London levelling out, and in many cases substantial discounts being offered, there was steady demand among ultra-rich Indians.
He added: “We have an India desk in the London office. It handles those clients or developers from India who wish to buy or market their properties in the international market among Indian diaspora. We also hold events and roadshows in these markets. We have also set up a desk in Dubai and one in the US.”
Dipesh Vaja, Raj Haria, Manish Shah, Miloni Tanna, Bharat Shah, Hatul Shah, Kamal Shah and Rajiv Shah at the 15th annual Sigma Conference in Baku, Azerbaijan
COMMUNITY pharmacy has a “vital role to play in rebuilding” the NHS, prime minister Sir Keir Starmer has said, referring to a recent announcement of record funding for the sector.
He said ministers want to capitalise on the clinical expertise of pharmacists as the Labour government is determined to fix the “broken” NHS inherited from successive Conservative administrations.
His remarks were delivered in a message to delegates at the 15th annual Sigma Conference in Baku, Azerbaijan.
“This government is developing a 10 Year Health Plan to reform the NHS to make it fit for the future,” said Starmer.
“Pharmacies play a key role in enabling the shift from hospital to community and from treatment to prevention.
“We are expanding their (community pharmacists) role by accelerating the rollout of independent prescribing to support this plan.”
An estimated 33 per cent of pharmacists are currently independent prescribers and, from September 2026, all newly qualified pharmacists will be independent prescribers on the day of registration.
As independent prescribers, pharmacists can take pressure off GPs and A&E services by assessing and diagnosing patients and, where necessary, prescribe medication for a range of clinical conditions, and vaccination programmes.
Hatul Shah
With more independent prescribers foraying into community pharmacy, NHS England plans to commission more clinical services to ensure patients have easier access to care and therefore reducing delays in treatment.
Independent prescribing builds on the Pharmacy First scheme, launched across England in January 2024; it lets patients receive treatment for seven common conditions directly from a pharmacist, without a GP appointment or prescription.
These include sinusitis, sore throat, earache, infected insect bite, impetigo, shingles and uncomplicated urinary tract infections in women.
“The Department of Health and Social Care recently announced a package that will see record investment and reform in order to support the sector,” Starmer told the Sigma conference.
“We’ve agreed with community pharmacy England to increase the community pharmacy contractual framework to £3.073 billion. This represents the largest increase in funding of any part of the NHS – more than 19 per cent across, 2024-2025 and 2025-2026 – which recognises that community pharmacy plays a vital role in our healthcare system.”
Among the 135 delegates were healthcare leaders and pharma industry representatives, who gathered in Baku to explore the theme ‘The future of the NHS through integrated leadership’.
British ambassador to Azerbaijan, Fergus Auld, said there was a huge demand for UK goods and services to support the growth of Azerbaijan’s fast developing health sector.
“With the government here very much focused on reform and investment, I’m proud to welcome all of you, but especially a fantastic business like Sigma to Azerbaijan for this important event and to support companies in expanding into this market,” said Auld.
Olivier Picard
“Sigma’s roots as a family-run business with 45 years of history in north London, growing to hundreds of employees supplying pharmacies across the UK with high quality and well-priced products is an inspiring story of growth in one of the UK’s most important sectors.”
Sigma Pharmaceuticals was founded by Dr Bharat Shah and his brothers Manish and Kamal.
Current CEO Hatul Shah said community pharmacy is becoming “a more integrated clinical and strategic partner in NHS delivery”. However, he stressed that community pharmacy needs more funding to meet the demands of delivering additional clinical services.
The pharmacy contract is still wellshort of the funding level recommended by a recent independent economic analysis of community pharmacy; it found the cost of providing NHS pharmaceutical services in England equated to £5.063bn. The report said nearly 80 per cent of pharmacies are “unsustainable” in the short term, with an estimated 800 having shut in the past four years.
“The recent contract announcement confirms the move towards a servicebased model is real. But, let’s be honest, it’s happening in a climate of flat funding, rising workload and intense workforce pressure,” said Hatul.
“Over the next few days, we’ll hear from people influencing the direction of NHS priorities, regulation and service expansion, but just as important, we’ll hear from you, those delivering care in the heart of community every day.
“This conference has always been about connection and clarity. It’s a space to reflect, to share practical ideas and to consider what comes next, not in theory, but in reality.
Fergus Auld speak on pharmacy’s evolving role
“Sigma remains committed to standing shoulder to shoulder with you, championing your voice, supporting your growth, and helping ensure that community pharmacy not only survives, but thrives.”
In his remarks, National Pharmacy Association (NPA) chair, Olivier Picard, described community pharmacy as “the most human profession that there is”.
Picard, himself the owner of four pharmacies, changed his business model from relying heavily on dispensing medicine to one that provides more services to the community it serves.
“It’s always been about the people, the service we offer, and our communities. I believe in our people and I believe in community,” he said. “When done right, pharmacy is probably the most human profession that there is.”
Picard said healthcare professionals across disciplines should work together to ensure the NHS can cater for the diverse needs of its patients.
“What I’m most proud of is the multidisciplinary approach in our pharmacies. We work with local pharmacists, nurses, paramedics to offer a wide range of NHS and private services,” he added.
“Community pharmacy has worked hard for years to establish themselves. We stayed open during the pandemic when so many others closed. Our future really lies at the heart of the NHS as an integrated part of offering NHS services.”
UNIONS in France fighting to save 600 jobs at ArcelorMittal operations have called on the government on Tuesday (13) to take control of the sites, following Britain’s example with British Steel.
CGT union chief Sophie Binet told hundreds of workers protesting outside the company’s French offices that she would raise the matter directly with president Emmanuel Macron.
“I will deliver to him the CGT proposals to nationalise” the group’s French operations, she told the protesting workers.
Macron later on Tuesday was to debate a range of high-profile figures on television, including Binet, as he sets out plans for the final two years of his term.
ArcelorMittal announced plans last month to cut 600 jobs across the seven sites it has in France, from a total workforce in the country of around 7,100 people. It is in the process of negotiating the job reductions with unions.
The group – the second-biggest steelmaker in the world, formed from a merger of India’s Mittal Steel with European company Arcelor – has warned of industry “uncertainty” after the US imposed 25-per cent tariffs on steel and aluminium imports.
Yet the group in April posted a quarterly group net profit of $805 million (£605.2m). To shave costs, it is shifting some support jobs from Europe to India, and last year it suspended a $2 billion (£1.5bn) decarbonisation investment in France.
Lakshmi Mittal
French unions believe Macron’s government can follow the lead of its British counterpart, which last month passed a law allowing it to take control of ailing British Steel.
Italy last year also ousted ArcelorMittal as owner of its debt-ridden ex-Ilva plant, accusing the company of failing to prop up the operation after buying control in 2018. “The Italians have done it, the British have done it... so why aren’t we French able to also do it?” asked a regional CGT head, Gaetan Lecocq.
“Mittal should get out, should leave – we don’t need him,” Lococq said of Lakshmi Mittal, ArcelorMittal’s executive chairman and one of India’s richest men.
CGT chief Binard also took up a slogan chanted by the protesters, yelling: “Metal without Mittal!”
A lawmaker with the hard-left France Unbowed party, Aurelie Trouve, has put forward a bill for the nationalisation of ArcelorMittal in France.
Trouve said the company “has clearly been organising the offshoring of production for years, and now we are faced with an emergency”.
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The Indian stock market has been among the best performing in the world since April, after Trump slapped tariffs on US trading partners
THE latest conflict between India and Pakistan may impact New Delhi’s efforts to pitch itself as a safe haven for foreign investors amid global economic turmoil – but not much, investors and analysts said last Wednesday (7), prior to the ceasefire between the two countries.
India’s $4 trillion (£3 tr) economy has limited direct trade with Pakistan. Even its overnight crossborder missile strikes had little immediate impact on local equity, currency and bond markets, on the view that full-fledged conflict was unlikely.
“If there is a cessation of hostilities like there should be, pragmatically and practically, the investment climate may not actually be harmed,” Ajay Marwaha, head of fixed income at Mumbai-headquartered investment house Nuvama Group, said last week.
Previous conflicts have not had a lasting impact on Indian assets, Citibank analysts wrote in a note last Wednesday.
In the last such flare-up with Pakistan, in February 2019, the Indian rupee held steady and bond yields rose 15 basis points over that month but retreated later.
In June 2020, when fighting broke out between Indian and Chinese troops in the Galwan valley, the rupee weakened one per cent, but regained ground as the two sides disengaged, Citi analysts said.
Since US president Donald Trump unveiled a slate of huge tariffs on his country’s trading partners, Indian markets have, in fact, performed well.
“The Indian market had begun to outperform on the back of the perception that there is some insulation from Trump tariffs, given the strength of domestic consumption and a clear signal of monetary loosening from the central bank,” said Sat Dhura, portfolio manager at Janus Henderson Investors.
He acknowledged that “recent events are likely to keep foreign investors away”, but added that local investment flows were likely to be sticky, helping to serve as a support to the markets.
India is expected to remain the fastest-growing major economy, with the central bank forecasting GDP growth of 6.5 per cent this financial year. It is also among the best-performing of the world’s big stock markets since early April, when Washington announced reciprocal tariffs on its trading partners.
Foreign investors, who sold Indian stocks from last October to March this year, turned buyers in April and early May, picking up about $1.5 billion (£1.12bn). They remained sellers of Indian bonds, offloading $1.7bn (£1.3bn) since the start of April.
The focus, analysts said, remains on trade deals. India sealed a long-negotiated trade agreement with the UK last Tuesday (6) and discussions are ongoing for a bilateral trade agreement with the US.
“While sentiments are likely to be jittery in the immediate term, these tensions are unlikely to derail the medium-term appeal of the Indian economy,” said Radhika Rao, senior economist at DBS Bank in Singapore.
More “substantial developments” like the justconcluded India-UK trade deal, the impending agreement with the US and the central bank’s dovish policies will dictate the path of India’s growth trade outlook, Rao added.
The impact of the conflict between India and Pakistan on any potential longer-term investment “may not be very much”, said Subhash Chandra Garg, a former top government bureaucrat.
The areas bordering Pakistan are in the north and west of India but most foreign investment for manufacturing facilities is centred in southern and central India, Garg noted. (Reuters)
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The FCA said the money will be returned to investors as soon as possible. (Photo: Reuters)
THE Financial Conduct Authority (FCA) has secured confiscation orders totalling £305,284 from Raheel Mirza, Cameron Vickers and Opeyemi Solaja for their roles in an investment fraud. The orders cover all their remaining assets.
The confiscation proceedings against a fourth defendant, Reuben Akpojaro, have been adjourned.
The FCA said the money will be returned to investors as soon as possible. Failure to pay could lead to imprisonment.
Between June 2016 and January 2020, the defendants cold-called individuals and persuaded them to invest in a shell company.
They claimed to trade client money in binary options, but the funds were used to fund their lifestyles.
In 2023, the four were convicted and sentenced to a combined 24 and a half years.
Steve Smart, executive director, Enforcement and Market Oversight at the FCA, said: “We are committed to fighting financial crime, including denying criminals their ill-gotten gains. We’ve already successfully prosecuted these individuals for their part in a scam that conned 120 people out of their money. We’re now seeking to recover as much as we can for victims.”
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Peter Glover held several roles, including Group Superintendent Pharmacist, and most recently worked in a Professional Services Advisory role.
PETER GLOVER, a long-standing member of the Day Lewis Group, died on 10 May 2025. He was with the company for 37 years, having joined in June 1987 as a pharmacist.
He held several roles, including Group Superintendent Pharmacist, and most recently worked in a Professional Services Advisory role. He was part of the senior management team for decades.
JC Patel, Co-Founder of Day Lewis Group, said: “Peter was much loved and well-known across the pharmacy industry. His contributions to the field were significant and his legacy will be remembered by all who had the privilege of working with him. He leaves behind a lasting impact on Day Lewis and the wider pharmacy community.”
The company extended condolences to his family and friends.