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Wednesday, September 30, 2015

Godrej Sells Mumbai Property to Abbott for 1480 crores Wednesday Sep 30,2015

In one of the largest office space transactions, Godrej Properties on Wednesday Sep 30,2015 announced the sale of 4.35 lakh sq ft in its commercial project at BKC, Mumbai for about Rs 1,480 crore.

Although the company did not disclose the name of the buyer, sources said the office space has been purchased by pharma company Abbott India.

In a filing to the BSE, Godrej Properties informed that "the company has entered into a transaction for selling 4,35,000 sq ft of saleable area at its commercial project Godrej BKC in Bandra Kulra Complex (BKC) Mumbai to a single user for a total consideration of Rs 1,479 crore.

"This is the highest ever value for any single end-user commercial real estate transaction in India".

Godrej BKC is a large high-end commercial real estate project with approximately 1.3 million sq ft of saleable area. Godrej Properties had partnered with Jet Airways to develop this project, which is expected to be completed and ready for occupancy by mid-2016.

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