Rcom to monetise projects by selling assets
Most of the real estate companies are selling off their assets to fund their projects and big giants like Reliance too are not an exception. Reliance Communications (RCom) has initiated the process to monetise its real estate assets across the country, aiming to raise Rs 5,000 crore through this.The company will use the proceeds to part-repay its debt, which stands at Rs 34,000 crore even after launching the recent qualified institutional placement (QIP) of its shares.An RCom board committee recently approved the sale of these assets.
Top real estate consultants like CB Richard Ellis, Jones Lang Lasalle and Knight Frank will be given the responsibility to find buyers for the 10 properties that are to be sold in six to 12 months.
The 10 properties on outright sale include the company’s 3.7-acre Delhi office in prime central district near Connaught Place, which is expected to fetch Rs 700 crore. Also on the list are a property in Kolkata’s Chowringhee Road (valued at over Rs 150 crore); Navi Mumbai’s 7 Towers, where it has over 388,000 square feet of space (valued at Rs 200 crore); 19 acres in Bangalore; properties in Ambattur near Chennai; 226,000 square feet of space in Hyderabad’s Hi Tech City; properties in Tirupati and Gujarat’s Anjar; and 150 flats in Navi Mumbai’s posh Seawoods residential property (valued at Rs 300 crore).
The total valuation of these properties which totals to over 70 acres of land and 1.3 million square feet of space is about Rs 2,000 crore as per the estimations presented by these real estate consultants.
Source- Business Standard
Kolkata's Chowringhee Road, properties in Ambattur near Chennai, properties in Tirupati, property in Delhi, Property in Navi Mumbai., qualified institutional placement (QIP), Real estate consultants, Reliance Communications (RCom), Seawoods residential property
