Ghodawat sells 2.5 lakh sqft property in Bengaluru for Rs 350cr

Mumbai: Ghodawat Enterprises, an arm of the Sanjay Ghodawat Group, has sold its fully leased property in Bengaluru to an overseas fund for Rs 350 crore.

The property 'Pinehurst' spread across 2,50,000 sqft, is a part of Embassy Golf Links Business Park in the Southern metropolis and was leased to a multinational firm.

"This marquee asset saw a high level of interest from both foreign and domestic institutions and was acquired by an overseas fund for Rs 350 crore," property consultant Colliers International which assisted Ghodawat in the deal, said in a statement.


Commenting on the deal, Sanjay Ghodawat, chairman of the group said, "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 sqft of pre-leased properties across the country in the next three years, with newer assets with better financial returns."

Colliers International India's Gagan Randev said it 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.

The diversified Sanjay Ghodawat Group has interests in aviation, consumer products, education, energy, floriculture, food processing, mining and textiles.