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Citibank has decided to put its old headquarters in Mumbai on the block and has appointed the CBRE group as its consultant.
Citi Centre, an 84,000-sq-ft space in Mumbai’s prime business district Bandra-Kurla Complex, was Citi India’s headquarters until April last year. The bank had shifted to its new location First International Finance Centre about six months ago.
The new office space was bought at Rs 985 crore.
When contacted, the bank declined to comment while CBRE remained unavailable for comment.
A person familiar with the development said it makes sense for the bank to monetise its real estate assets and make efficient use of its capital. News reports pegged the possible deal size at Rs 300 crore. However, this could not be independently verified.
Of late, there has been an increase in companies stepping up efforts to monetise their realty assets. Some of the companies which have put their realty assets on the block include HUL and Standard Chartered.
Other recent office property deals closed in Mumbai’s commercial realty market include the sale of Cadbury House by Mondelez International to diamond merchant Dilip Lakhi reportedly for Rs 350 crore and sale of Express Towers by ICICI Ventures and Viveck Goenka to private equity firm Blackstone and Pune-based Panchshil Realty for about Rs 900 crore.
manisha.jha@thehindu.co.in
Source: thehindubusinessline
Citi Centre, an 84,000-sq-ft space in Mumbai’s prime business district Bandra-Kurla Complex, was Citi India’s headquarters until April last year. The bank had shifted to its new location First International Finance Centre about six months ago.
The new office space was bought at Rs 985 crore.
When contacted, the bank declined to comment while CBRE remained unavailable for comment.
A person familiar with the development said it makes sense for the bank to monetise its real estate assets and make efficient use of its capital. News reports pegged the possible deal size at Rs 300 crore. However, this could not be independently verified.
Of late, there has been an increase in companies stepping up efforts to monetise their realty assets. Some of the companies which have put their realty assets on the block include HUL and Standard Chartered.
Other recent office property deals closed in Mumbai’s commercial realty market include the sale of Cadbury House by Mondelez International to diamond merchant Dilip Lakhi reportedly for Rs 350 crore and sale of Express Towers by ICICI Ventures and Viveck Goenka to private equity firm Blackstone and Pune-based Panchshil Realty for about Rs 900 crore.
manisha.jha@thehindu.co.in
Source: thehindubusinessline
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