In a boost to the company’s plans to lower debt obligation, real estate firm Unitech Ltd has sold an office complex in Saket, New Delhi, to an high networth individual (HNI) for about Rs 500 crore. The company is hoping that the latest transaction, alongwith the recent sale of the Marriott Courtyard, and other assets currently on the block, would enable it to raise Rs 1,000 crore by the end of the quarter.
Sources close to the development said that the office complex - which was initially intended for Unitech’s use till a cash-crunch prompted it to put-up the property in the market - has 2.10 lakh sq ft of space.
The source refused to divulge the identity of the new owner, but said that the money from the current transaction would come by June-end.
This is the second asset sale by Unitech.
Earlier this year, the realtor sold-off its hotel project in Gurgaon for Rs 235 crore to Mr Roop Madan, Managing Director of the Delhi-based Sanya Motors.
Of the total proceeds from that sale, Unitech has already received 45 per cent of the payment, while balance 55 per cent is expected to flow in this month, sources claimed.
The company is also scouting for a buyer for its serviced apartment project - Marriott Executive Apartments; and has also put on the block yet another hotel property in Gurgaon.
Serviced apartment project
The serviced apartments project is located in Gurgaon near the Unitech Cyber Park and the Unitech Greenwood City on 3.39-acre of land; the serviced apartments along with an office block has been designed by the Seattle-based Callison Inc and will be operated by Marriott as Marriott Executive Apartments.
Unitech’s current debt is pegged at Rs 7,800 crore and it has stated its intention to reduce the debt position to Rs 6,000 crore-6,500 crore by the end of the current financial year.
As part of the asset sale strategy, the company is also looking to sell plots (hospitals and schools) in its townships.
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