Essar Group owner Ruia acquires mansion in London

The family office of Ravi Ruia, a co-founder of the Mumbai-based Essar Group, has acquired a large mansion, valued at around GBP 113 million, in the heart of London as an attractive investment in the UK property market. The construction of Hanover Lodge, originally designed by British architect John Nash in 1827, is currently ongoing, and it is situated on the outer circle of Regent's Park. The Grade II listed historic property was originally linked to Russian property investor Andrey Goncharenko, according to 'The Financial Times', which first reported on the sale. Ruia Family Office of Ruia Family Office makes investments across a range of asset classes including real estate with an objective of making reasonable risk adjusted returns, said William Rego, the Ruia Family Office's spokeswoman. The subject property in the UK is under construction and has become available at a price that makes it an attractive investment for the Family Office, he said. The transaction, which is unconnected to Essar Group, was advised by the law firm Withers LLP and the financial details have not been disclosed. The Hanover Lodge in Regent's Park, which has an underground swimming pool with a floating floor, has an underwater swimming pool that can alter the depth of the pool and also convert to a ballroom, according to the site of exclusive construction services provider Water Lilly. It boasts decadent entertainment spaces, a gymnasium, a gallery and staff accommodation, it reads. Water Lilly was able to execute extensive renovations and renovations, including opulent bedrooms, fitted out 10 luxurious bathrooms, a new kitchen and utility rooms, and the installation of a lift, food hoists and extensive electrical, mechanical and hi-tech audio-visual systems. The leisure area includes a yoga room, training room, massage room, hammam, sauna and changing rooms. The mansion was previously believed to be owned by a British businessman and peer, Lord Raj Bagri, who was born in India.