L&T Realty To Sell Its Three Chandigarh Properties
by Pranali Shah
L&T Realty is planning to sell its 1.15 Mn sq ft mall, a 400,000-sq ft office building, and its under-construction Hyatt Regency hotel in Chandigarh on sale with a view to exit its non-core business, ET states. The company is expecting a valuation of around R1,200-1,400 Cr for the three assets.
The company realized that the three assets are not their core competence and thus planning to exit these businesses. It is found that a prominent mall chain in Mumbai is also in talks with the company to buy the mall. New Delhi-based mall developers also has approached L&T Realty with sellout plans for the mall in Chandigarh.
Spread over 20 acres, the Elante project has been their flagship venture with 1.15 Mn sq ft of mall space, an office building and a hotel. The mall has the blend of department stores, international and domestic lifestyle brands, a hypermarket, multiplex, entertainment zone, food court and open spaces.
The mall houses famous brands like Mark's & Spencer's, Lifestyle, Shopper Stop , Westside and Pantaloons department and an array of international fashion brands like Guess, Gant, GAS, Diesel, Zara,Keith ; a hypermarket and a Hamleys Toy Store.
The only thing that makes mall bit less attractive is that all the stores are leased for nine years with only room for 5% annual hikes.
Recently, L&T Infrastructure Development Projects Ltd acquired REC Transmission Projects Company Ltd's subsidiary Kudgi Transmission Ltd for R15.1 Cr, as per a stock market disclosure.
The company also bagged orders worth R1,141 Cr water projects. The engineering major along with NTPC were evincing interest in picking up stake in the power plant proposed by Odisha Thermal Power Corporation Ltd.
In March, L&T Infrastructure Development Projects was in advanced negotiations to divest up to 20% stake to marquee investors, including Malaysian sovereign fund Khazanah.
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