Emaar MGF To Sell Gurgaon Project Land To Tishman Speyer For Rs 220 Cr

Emaar MGF Land Limited is selling 5 acres in its 104-acre Emerald Hills Township in Gurgaon to Tishman Speyer for $50 Mn ( Rs 220 Cr).

The deal is final stages and the plot has all approvals for a 600,000 sq ft commercial office building.

Transaction Reference: Economic Times

Incorporated in 2005, New Delhi-based Emaar MFG is a JV between Emaar Properties PJSC (Emaar) of Dubai and MGF Development Limited (MGF) of India. It develops properties in the residential, commercial, retail, and hospitality sectors. The company has developed approximately 89 Mn sqft of real estate across residential, commercial and other business segments and with operations in 14 countries.

Emaar MGF had filed thrice for IPO earlier in 2008, 2009 and 2010. In 2008, it withdrew the IPO because of poor response and its third attempt in September 2010 has not got a SEBI nod yet, primarily because of its involvement in alleged irregularities in developing the Commonwealth Games Village, which has come under the scanner.

Emaar which had outstanding loans of Rs.5,808 cr as on August 2009, has cut down its debt to around Rs.4500 Cr. It has been looking at different fund-raising options by selling small land parcels and properties to finance its projects as well as reduce debt.

Last year,it raised raised private equity funding of Rs.250 crore from Kotak Realty Fund for its residential projects - Emerald Estate and Palm Terraces - in Gurgaon's extended golf course area.

Since 1978, Tishman Speyer has acquired, developed and operated over 325 projects totaling over approximately 116 Mn sqft and more than 92,000 residential units, and a property portfolio of $50.2 Bn in total value across the US, Europe, Latin America and Asia.

Previous Article

Info Edge Invests $3.5 Mn In Private Sales Site - 99labels.com

Next Article

Sheth Creators Raises R80Cr From IIFL PE