December 13, 2023
1 min read

Serum Life Sciences Sets London Record at £138 Million

The top end of London’s property market is insulated from the impact of higher borrowing costs, which have slowed the wider UK housing market this year, because few buyers rely on mortgages…reports Asian Lite News

India’s billionaire “vaccine prince” Adar Poonawalla has reached a deal for London’s most expensive home sale of the year, agreeing to pay about 138 mn pound for a 25,000 square foot Mayfair mansion, media reports said.

Aberconway House, a vast 1920s home near Hyde Park, will change hands after a sale was agreed by Dominika Kulczyk, daughter of the late businessman Jan Kulczyk, who was Poland’s richest man, Financial Times reported.

The property will be acquired by Serum Life Sciences, a UK subsidiary of the Poonawalla family’s Serum Institute of India, people familiar with the transaction said, it said.

The price tag makes Aberconway House the second-most expensive home ever sold in London and the biggest deal of the year, according to luxury property agents, Financial Times reported.

The top end of London’s property market is insulated from the impact of higher borrowing costs, which have slowed the wider UK housing market this year, because few buyers rely on mortgages.

Trophy properties in London have remained attractive to international buyers despite new transparency measures brought in to help target Russian money after the war in Ukraine, and the prospect of tax changes if the Labour party wins the next UK general election.

A person close to Serum Life Sciences said the Poonawalla family had “no plans” to move to the UK permanently, but that “the house will serve as a base for the company and family when they are in the UK”. The London deal follows multimillion-pound investments in vaccine research and manufacturing facilities near Oxford, the person added, Financial Times reported.

ALSO READ-Impact of Social Media and E-commerce

Previous Story

West Indies Triumph Over England in T20 Clash

Next Story

Crucial Role of Nutrition in Pneumonia Recovery

Latest from Business

India’s E&M Sector Enters a New Growth Phase

India’s cinema market is multilingual, and many regional industries are now rivalling Hindi output in volume and box-office share … writes Rafeek Ravuther The Indian film sector is undergoing a meaningful transformation.

SBI Simplifying KYC Process

SBI’s research arm noted that the RBI’s decision to maintain the policy rate reflects a balanced approach amid global uncertainties, supported by stable liquidity and external conditions State Bank of India (SBI)

UPI Powers Digital Revolution

New innovations such as LiteX (offline payments), tap-and-pay, credit card integration, UPI Autopay, and UPI for IPO subscriptions are pushing the platform from a payment tool to a full-fledged embedded finance ecosystem Unified

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India
Go toTop

Don't Miss

Yaatra London – the journey of culinary adventure starts here

Step inside the Grade II listed Old Westminster Fire Station,

Ding Dong, Lola’s calling! The Sweetest Delivery Direct to Your Door with New Nationwide Cakes

Home delivery just got an extra layer of deliciousness with