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

Keep room for sea level rise in city planning of Mumbai
Jan 10, 2014
MUMBAI: All new development projects must factor in the impact of climate change and sea level rise, said environmentalists on January 9.
PMC body earns Rs 670 crore from property tax
Jan 10, 2014
PUNE: The Pune municipal corporation (PMC) has earned around Rs 670 crore from property tax since the start of the current financial year i.e. April 2013.
Developers to meet Maharashtra revenue minister
Jan 10, 2014
PUNE: Representatives of Credai Pune Metro will meet the state revenue minister on January 10 to discuss their concerns over the steep rise in the ready reckoner rates for properties in the state, which the government has implemented from January 1.
Arvind Kejriwal's AAP wants crack down against nexus in real estate
Jan 10, 2014
PUNE: Arvind Kejriwal-led Aam Aadmi Party (AAP) has alleged that 'criminal' collusion between politicians, bureaucrats and builders was one of the major causes behind the collapse last week of the under-construction building in Canacona, which claimed 24 lives.
Roll back hike in RR rates: Credai
Jan 10, 2014
NASHIK: The Confederation of Real Estate Developers' Association of India (CREDAI) on Thursday urged the state government to roll back the hike in the ready reckoner (RR) rates.
Sebi attaches MPS Greenery shares to recover investor funds
Jan 10, 2014
MUMBAI: In fresh action against West Bengal-based MPS Greenery Developers for running fraudulent investment schemes, Sebi today ordered attachment of its share holdings in eight group firms for failing to refund Rs 1,520 crore with returns to affected investors.
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.

Latest Realty News Of State

Realty Talk's