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indebted Future Retail Limited has extended the strap on a commercial property owned by bollywood actor Salman Khan on linking road Mumbai‘s Santa Cruz Suburbs at a rent of about Rs 90 lakh per month.
Future Retail Ltd., through its wholly owned subsidiary, TNSI Retail, has renewed the lease for a period of two years. The 30,000 sq ft space is spread over four floors. It houses the flagship store of Foodhall, the gourmet retail arm. Future Retail,
Future Retail had taken the space on lease from Khan in 2017 for a period of five years at a monthly rent of Rs 80 lakh. The store is frequented by Bollywood celebrities and is known for imported high-end gourmet products. It also houses the Italian restaurant Sorrentina, which is popular among celebrities and CXOs. Foodhall is present in Mumbai, Bengaluru and National Capital Region (NCR).
The agreement includes a clause to increase the rent by 5% after the first 12 months. According to records obtained through real estate data analytics firm, CRE Matrix, Future Retail had earlier on Monday paid Rs 2.69 crore as security deposit for the registered lease agreement.
According to reports, Khan had bought the property in 2012 for around Rs 120 crore.
In July, the Mumbai Bench of the National Company Law Tribunal (NCLT) had allowed initiation of insolvency proceedings against the company set up by Kishor Biyani. in April, bank of india It had moved the bankruptcy court seeking initiation of insolvency resolution proceedings against Future Retail, which had defaulted in loan repayment.
Future Retail and Khan’s office did not respond to queries.
TNSI Retail was formed a few years back when Future Group Launched its airport retailing business in India with stores in British retailer WHSmith. Earlier this year, Foodhall was transferred to TNSI following the collapse of Future Retail’s business. According to experts, the objective was to keep the Foodhall brand and business active and protect its value, which can be used to meet a portion of Future Retail’s liabilities.
in February, Reliance Retail took over 900 stores of Future Group, which was struggling to pay sub-lease rentals to Reliance Projects and Property Management Services.
The Reliance subsidiary had taken over these stores after terminating the lease agreements with Future Group on the count of non-payment of rent during the pandemic period. Reliance Projects then entered into a sub-lease agreement with Future Group Stores
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