Godrej Properties has sold 4.35 lakh square feet in its commercial project at Bandra-Kurla Complex (BKC) to pharmaceutical company Abbott India for around Rs 1,480 crore.
In a filing with the stock exchanges today, Godrej Properties said this was the biggest deal in commercial real estate involving a single buyer.
Godrej BKC is a commercial real estate project with approximately 1.3 million square feet of saleable area. Godrej Properties had partnered Jet Airways to develop this project, which is expected to be completed by the middle of next year.
“We are very happy to have successfully concluded this large and strategically important deal at our project Godrej BKC. This deal will be an important driver of our plans to unlock capital invested in our commercial portfolio and will hasten the pace of our growth,” Godrej Properties managing director and chief executive officer Pirojsha Godrej said.
Sources close to Abbott said the BKC office would house more than 1,500 employees.
“India is one of the most important places in the world for Abbott, and we’re investing here accordingly,” Abbott chairman and CEO Miles D. White said.
In May, Godrej had said the company was planning to sell Rs 2,000 crore worth of commercial assets over the next 2-3 years to reduce debt. The company had a net debt of Rs 2,764 crore as on March 31.
The company added ‘Godrej BKC’ project has been planned as the country’s premier office address. Larsen & Toubro (L&T) is constructing the project.