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file photoAdani Group It is exploring monetizing parts of its real estate holdings that have been internally flagged as non-core to its operations, said two people with direct knowledge of the development.
The group has already identified a few such properties and is in the process of adding more to the list, the people said. These will be sold based on the requirement of funds for investment in new real estate projects, he added.
First, the group has resumed talks to explore a possible sale of the Inspire BKCA commercial real estate project located at the edge of the Bandra-Kurla Complex (BKC), the bustling business district of Mumbai that is home to many multinational companies and Indian corporate houses.
“Discussions are currently underway with potential buyers which include Brookfield Asset Management And this Adani Group A non-binding term sheet is expected soon with a tentative valuation of ₹650 crore,” said one of the people.
Inspire BKC has a total leasable area of 800,000 sq ft, and is fully leased out to tenants such as novartis, Reliance Nippon Life Insurance and MUFG Bank.
The 10-storey standalone tower was built in 2016 as part of a slum rehabilitation project. Negotiations for the asset on the block have been ongoing since 2017, with several global institutional investors reported to have acquired it.
A Brookfield spokesperson declined to comment on a query sent by ET. An email sent to the Adani Group on Sunday seeking comment remained unanswered till press time.
“Also, the group has also identified the real estate holding of the group firms ACC Limited And Ambuja Cements Which he got from Holcim last year,” said the second person.
The group is looking to monetize around 16 acres of land acc In Thane near Mumbai, this person said, the group was expecting up to ₹500 crore from the transaction. A major portion of Adani Group’s real estate assets are privately held Adani Properties,
The move is part of the group’s restructuring strategy and the amount raised will be used to meet the investment needs of the group’s real estate projects.
A relatively late entrant in the real estate sector, the group is currently developing commercial and real estate projects in key real estate markets including western India. The group has also won the bid for redevelopment. DharaviOne of the largest slum clusters in the world, with an initial investment of approximately ₹5,069 crore.
The group would eventually invest ₹20,000 crore in the project and deposit 20% of this initial investment to the Government of Maharashtra before signing the development agreement and an additional 20% upon submission of an integrated master plan.
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