K Raheja Corp-GIC ink pact with Siemens to buy Worli plot for Rs 610 crore

By | January 2, 2017

Realty developer K Raheja Corp and Singapore’s sovereign wealth fund GIC have entered into an agreement to jointly acquire three-acre land parcel in Mumbai’s Worli locality for Rs 610 crore from Siemens.

The company has signed a Memorandum of Understanding (MoU) with K Raheja Corp Group and GIC to transfer its leasehold interest in the property, Siemens said in a regulatory filing.

ET was first to report the proposed transaction on December 12.

K Raheja Corp and GIC are planning to develop a 5 lakh sq ft a commercial project at the site. Two other Mumbai-based realty developers too had bid for the land, but K Raheja-GIC alliance has emerged as the highest bidder.

Siemens and Whispering Heights Real Estate, a proposed joint venture entity of GIC affiliate Reco Solis and the K Raheja Corp Group, have executed the MoU for the transfer and assignment of leasehold interest in the property located at Worli “for a total consideration of Rs 610 crore”, Siemens said.

The proposed deal is subject to receipt of all requisite statutory and regulatory approvals from the concerned authorities and signing of firm agreements between the two parties, it added.

Source: Economic Times