K Raheja Corp-GIC buys 3-acre land parcel in Worli for Rs 610 crore

MUMBAI: Realty developer K Raheja Corp and Singapore’s sovereign wealth fund GIC have acquired a prime three-acre land parcel in Worli in Mumbai from Siemens for Rs 610 crore.

Siemens on Monday transferred and assigned its leasehold interest in this property to Whispering Heights Real Estate, a joint venture entity of Reco Solis an affiliate of GIC, Singapore and the K. Raheja Corp Group for a total consideration of Rs. 610 Crore, the company said in a regulatory filing on the Bombay Stock Exchange.

ET was first to report the proposed transaction on December 12.

Last year, the company had signed a Memorandum of Understanding (MoU) with K Raheja Corp Group and GIC to transfer its leasehold interest in the property.

In 2015, K Raheja Corp had acquired another land parcel spread over 1.4 acres in Worli from HSBC for Rs 230 crore.