Hubtown To Sell Stake In Prabhadevi Project
Hubtown is planning to sell its 50% stake in Mumbai’s Hindoostan Mills property at Prabhadevi. The company is expecting to raise R450 Cr from this sale.
The fund will be used to repay its debt which stood around R1850 Cr as on March’12.
This July, serial entrepreneur C Sivasankaran exited Prabhadevi project by selling its 50% stake to Red Fort Capital for R450 Cr.
In 2007, Hubtown bought the Hindoostan Mills’ land parcel with DLF from the Thackersey family for R 350 Cr. Hubtown was planning to exit this SPV from 2009 itself as the project had been on hold because of the liquidity crisis.
However, it started developing the project after the entrepreneur Siva entered the venture. Siva had acquired partial stake in it from realty developer DLF in 2009.
The 5.3-acre land parcel in Prabhadevi has a total development potential of 2 Mn sq ft and Hubtown is still awaiting some approvals to build an over 60-storey five-star hotel on the prime plot located near Siddhivinayak temple.
Incorporated in 1989 by Hemant Shah and Vyomesh Shah, Hubtown is a real estate development company. The company has presence in 7 Indian cities diversified into residential spaces, office spaces, IT parks, SEZs.
The company has 45 ongoing projects of 72 Mn sq ft in Mumbai, Thane, Pune, Bangalore and Gujarat.
Recent deals in Mumbai region, Mahindra Group led Mahindra Lifespaces purchased 12,000 sq m plot from Nycomed Pharma Private limited for around R205 Cr; Lodha Developers Limited bought US consulate’s Washington House in Mumbai for R375Cr and also acquired a 17-acre plot from DLF; Piramal Realty acquired Gulita - property in South Mumbai from Hindustan Unilever for R452Cr.
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Hemant M Shah
Vyomesh M Shah
|Hubtown Solaris, 2nd floor, N S Phadke Marg, Opp. Telli Gully, Near Hotel Regency, Andheri (East)||
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