Colliers India closes transaction worth ₹ 350 crores for Ghodawat Enterprises
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 ₹ 350 Crore. Colliers International, was appointed as the exclusive partner to execute the sale and oversaw and managed the entire sale process.
Spread across 250,000 sq ft, the development is leased to a 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.This 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.
The Sanjay Ghodawat Group is a diversified conglomerate having interests in Aviation, Consumer Products, Education, Energy, Floriculture, Food Processing, Mining and Textiles. 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 with better financial returns.”
Gagan Randev, National Director, Capital Markets & 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.”