Parsvnath Developers, a real estate major, today announced that it has sold 30% stake in a Mumbai project to foreign funds for a total consideration of Rs 186 crore for the development of the BEST bus depot near the Bandra-Kurla Complex, in Mumbai.
According to a release issued by the company to the BSE today, the total cost of the two projects has been valued at Rs 620 crore.
The company has proposed to sell 15% stake each in the Kurla bus depot redevelopment project to Euronext-listed Yatra Capital and recently-launched Saffron India Real Estate Fund-I. Both are promoted by UK-based fund manager Saffron Asset Advisors.
Yatra and Saffron have picked up the stake at land-value basis. They will also proportionately fund all future development and construction activities for the project, Parsvnath said.
No comments:
Post a Comment