Office space in Mumbai sold for Rs 425 crore
One of India’s largest textile firms, Alok Industries has sold its eight floors in an office building in Mumbai’s Lower Parel area.
Alok Industries sold around 252,000 sq. ft of prime office space in tower B of the Peninsula Business Park at a cost of Rs 425 crore. Alok Industries took the decision to reduce its debt amount.
In 2007, the Alok Industries bought the Peninsula Business Park building, with a total of 641,000 sq. ft of salable space for Rs 1054 crore. Alok Industries has also planned to lease or sell three out of the eight floors in Ashford Centre, Lower Parel.
As on date the Alok Industries has a debt amount of Rs 11000 crore.
Alok industries started divesting its real estate portfolio outside Mumbai in mid-2011 to ease debt. The company also signed a deal to sell 73 acres in a 500-acre land parcel in Silvassa.
More related stories:
No Sign of Reduction in Mumbai Property Price
Source: Live Mint
Alok Industries, Ashford Centre, commercial proerties in Mumbai, Debt, office building in Mumbai, Peninsula Business Park, Projects in Mumbai, properties for sale in Mumbai
