PE Blackstone, Panchshil Realty bid Rs 186 cr for Citi’s BKC property
Jan 10, 2014
Source : The Hindu

MUMBAI: Pune-based Panchshil Realty and US-based private equity giant Blackstone have emerged front-runners for buying Citibank’s old headquarters at the Bandra-Kurla Complex, Mumbai’s prime business district. They have jointly bid Rs 186 crore.

Citibank had put this building on the block last year and appointed CBRE group as its consultant.

Expected more

According to sources, the company was expecting Rs 300-350 crore, valuing the current bid about 37 per cent lower at Rs 22,000 per square feet.

The seven-floor building, Citigroup Centre, spread over 84,000 sq.ft, served as the investment bank’s India headquarters until April last year. Thereafter, the bank shifted a block away to its new location — the 2.97-lakh-sq-ft First International Finance Centre purchased for Rs 985 crore.

A person familiar with the development said it made sense for the bank to monetise its real estate assets and make efficient use of its capital.

However, when contacted, the bank declined to comment while CBRE Chairman and Managing Director Anshuman Magazine said it was too early to say anything on the deal.

According to industry experts, companies have of late stepped up efforts to sell their non-core realty assets even as they also buy properties that offer a good deal.

 

Latest Realty News

Chairman in Pune, thief in Mumbai
Jan 10, 2014
MUMBAI: Nilesh Dattatray Chougle (33) is a well known businessman and a chairman of a huge housing society in Pune but in Mumbai he is a habitual house breaker who has around 110 criminal cases on him.
What attracts NRI investment in Indian real estate
Jan 10, 2014
MUMBAI: For Non Resident Indians, a base in their homeland is always considered a safe prospect and gives them an added sense of security. When it comes to the Indian real estate, non-resident Indians (NRIs) take centre-stage, especially with the depreciating rupee. The recent market trend where there is high inflation, volatility and the rupee value depreciating, NRIs make the most of the opportunity and invest in the Indian real estate market.
Tata Housing launches Rs 2,000-crore luxury project in Mumbai
Jan 10, 2014
MUMBAI: Tata Group real estate arm Tata Housing Development today launched a luxury residential project in the northeastern suburb of Mulund.
Lodha Group set to launch 2nd phase of mega city project in Mumbai
Jan 10, 2014
MUMBAI: Leading estate developer Lodha Group today said it will launch the second phase of its mega city project 'Palava' on Saturday.
Piramal PE closes Rs 1,000-cr realty fund
Jan 09, 2014
MUMBAI: The Piramals-backed private equity fund, focused on realty sector, today said it has finished raising a Rs 1,000-crore fund and has already committed Rs 250 crore from the corpus in three projects.
Office space absorption up 35%: Report
Jan 09, 2014
MUMBAI: The overall office space absorption in the top seven cities of the country grew by approximately 35 per cent in fourth quarter of this fiscal at nearly 8.2 million sq ft against six million sq ft in the previous quarter, according to real estate consultancy CBRE’s latest report.
Pune looks forward to a giant leap in 2014
Jan 09, 2014
PUNE: It has indeed been an interesting year for Pune’s property market in 2013. At a time when the markets across the country were by and large subdued, Pune had been growing at a steady pace and even appeared on the luxury landscape during the year. There have been multiple demand drivers behind Pune’s growth during the year and it is generally believed that once the economic outlook in general is brighter, Pune may be witness to better appreciation than even the neighbouring Mumbai property m
76,000 govt properties encroached upon
Jan 09, 2014
NASHIK: 'Chavadi vachan' - the process of reading out records publicly at the village level - carried out by the district administration has revealed that 7,619 government properties were encroached upon by individuals and groups, against which, the administration has initiated action. The chavdi vachan programme has, in fact, helped the administration more than the people in general.
Kanakia Group to invest Rs 500 crore in residential, hotel properties
Jan 09, 2014
MUMBAI: Diversified conglomerate Kanakia Group plans to invest more than Rs 500 crore over the next two years for developing residential and hotel properties, a top company official said.
Commit to savings through real estate
Jan 09, 2014
MUMBAI: Is real estate a good investment? Or is real estate good for you? The former focuses on returns from real estate, while the latter focuses on what real estate ownership can do to your emotional state of being. After observing the almost-compulsive urge among individuals to own a house, we realized that real estate ownership can do more good to your mental well-being than it can do to your portfolio.

Latest Realty News Of State

Realty Talk's