GURGAON, India, February 5, 2018 /PRNewswire/ --
Ghodawat Enterprises Ltd. concluded the successful sale of its fully leased building, Pinehurst, based in Embassy Golf Links, Bengaluru. This asset, which was fully leased to a MNC client, was sold at an approximate value of INR350 Crores. Colliers International was appointed as the exclusive partner to execute the sale and oversaw and managed the entire sale process. This marquee asset, situated in one of Bengaluru's key micro-markets, saw a high level of interest from both foreign and domestic institutions and was acquired by an overseas fund.
On this transaction, Gagan Randev, National Director, Capital Markets and Investment Services, Colliers International India, commented, "We received strong interest from a host of bidders which clearly underlines that international and domestic funds and institutions are aggressively looking at acquiring grade A pre-leased office assets. Once mandated, Colliers International India's Capital Markets and Investment Services team advised the owners on marketing the transaction and facilitated the discussions, negotiations, advised on the deal structure and facilitated the due diligence, as well as the execution process, leading to the successful closure within a very reasonable time frame. It also demonstrated the team's knowledge and expertise in successfully concluding such transactions."
Spread across 250,000 sq. ft., the development is leased to a marquee MNC. The asset forms a part of Embassy Golf Links Business Park, which currently houses key tenants, such as, Goldman Sachs, Fidelity, IBM, Microsoft, etc.
The Sanjay Ghodawat Group is a well-diversified conglomerate having over 10,000 employees. It has interests in Aviation, Consumer Products, Education, Energy, Floriculture, Food Processing, Mining and Textiles. The Group has a big focus on the Education sector - currently catering to 14,000 students and are looking at growing this aggressively. The group is also launching its own airlines under the name Star Air with an aim to connect Tier-2 and 3 cities of India, with the help of the UDAN scheme of Government. Speaking on the disposition, Mr. Sanjay Ghodawat, Chairman of the Group commented, "It was a strategic sale for us which now enables us to focus on our vision of rebuilding our real estate portfolio to 2 million sq. ft. of pre-leased properties across India in the next 3 years, with newer assets and better financial returns."
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. The services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customised research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.
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SOURCE Colliers International India