Peninsula Land, a company that belongs to one of the leading industrial organisations of India, the Ashok Piramal Group has recently signed a big property deal worth Rs. 1,200 crore with the realty arm of the Essar Group, named the Essar Realty Holdings. The company has signed the deal in order to sell and lease premises at its upcoming IT park named Peninsula Technopark on LBS Marg in Kurla. According to the sources from the company, the upcoming IT park will be developed jointly by Peninsula and Swan, on the land owned by Swan Mills. The park is having an area of approximately 1 million sq feet and there are four buildings in this area. The company officials are expecting the project to be completed within the next two years.
A top official from the company has stated that Peninsula will go towards the repayment of debt raised by Peninsula-Swan JV for developing the land with the revenues from the sale/lease of the fourth building. The official also informed that the company has already sold two buildings with a total space of 7 lakh sq feet at Rs 15,000 per sq feet and raised nearly Rs 1,050 crore. The company will also rent a building of 1.58 lakh sq feet at Rs 150 per sq feet, thus earn another Rs 150 crore.
According to a source close to the deal signing, the Essar will be utilizing some parts of the property for the use of the group companies. The source also added that the company is now planning to consolidate all its operations in one place in order to save on cost. In the words of a source, "We were talking to Essar for quite some time. We signed the deal recently after agreeing the terms and conditions acceptable to both of us". The sources from the industry are informing that Peninsula is on a fund raising drive at the moment so that it can be able to develop nearly 20 million sq ft of land under various stages of development across residential, commercial and retail spaces. The sources further added that the company has also sold 5,75 000 sq ft of office space to the Alok Industries for Rs 1,075 crore at its upcoming office complex in Dawn Mills property in Lower Parel, prior to the Essar deal.
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| Posted : 1/16/2008 |
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