Pursuits
Brexit Is a Luxury Property Opportunity, Indian Billionaire’s Son Says
- Poonawalla says weak pound, distressed sellers, mean bargains
- He sees U.K. economy taking two-year hit before rebounding
Adar Poonawalla.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Two years ago, Adar Poonawalla failed in a bid to turn London’s historic Grosvenor House Hotel into his family’s second home. Now he’s on the lookout for a consolation prize, courtesy of Britain’s exit from the European Union.
Poonawalla, whose father Cyrus founded Asia’s largest vaccine maker and is India’s seventh-richest man, wants to take advantage of two products of Brexit: the pound’s plunge to near 30-year lows and concern that London’s luxury-property market will crash.