Siemens puts 12 Mumbai properties on sale for Rs 40 cr
Dec 15, 2013
Source : The Hindu

 

MUMBAi: Siemens has put its12 residential apartment properties in Mumbai on sale with a combined base price valuation of about Rs 40 crore.

The properties comprise flats at various Mumbai suburbs such as Bandra, Santacruz, Khar, Juhu, Versova, Chembur and Dadar. The size of the properties ranges from 800 to 1,700 sq ft, including 2BHKs, 3BHKs and row houses.

The apartments will be sold through a closed bid or auction process. Real estate consultant Jones Lang Lasalle has been appointed by Siemens to divest these properties.

When asked on the rationale behind the sale, a company spokesperson said: “We have an ongoing process to review our assets. This is part of our asset optimisation exercise.”

The company reported a third quarter net loss of Rs 48.8 crore after accounting for revised estimates of revenue, costs and project related provisions. Armin Bruck, Managing Director, said in a statement that the results were impacted by the “uncertain macro-economic situation as well as volatility in the currency and commodity exchange rates.”

A November 2013 report on Siemens by Motilal Oswal Securities, based on the company’s analysts meet, the Siemens India management remained cautious about the pick-up in investment cycle in the domestic market.

Siemens is the flagship listed company of Siemens AG in India and is a major player in the electronics and electrical engineering business. Germany's Siemens AG holds a 75 per cent stake in the company.

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