Latest News | Embassy Developments Plans to Sell Bengaluru Commercial Property Worth Rs 3,700 Cr
Get latest articles and stories on Latest News at LatestLY. Realty firm Embassy Developments Ltd plans to sell its commercial project in Bengaluru valued at Rs 3,200-3,700 crore as part of its strategy to monetise assets.
Mumbai, May 29 (PTI) Realty firm Embassy Developments Ltd plans to sell its commercial project in Bengaluru valued at Rs 3,200-3,700 crore as part of its strategy to monetise assets.
In a regulatory filing on Thursday, Embassy Developments informed that the Board "considered and noted that the company is in the process of considering a divestment of one of its projects located in Whitefield, Bangalore."
Embassy Developments said it will offer an acquisition opportunity to Embassy Office Parks REIT involving a commercial real estate development project, comprising a potential leasable area of about 3.3 million square feet upon completion, with an estimated gross development value in the range of Rs 3,200-3,700 crore.
The opportunity is preliminary and is subject to, among other things, entry into definitive agreements and obtaining approvals, including from third parties, shareholders and unitholders, it said.
Embassy Developments reported a consolidated net profit of Rs 122.98 crore for the quarter ended March as against a net loss of Rs 99.21 crore in the year-ago period.
Total income rose to Rs 1182.61 crore in the fourth quarter of the last fiscal from Rs 401.54 crore in the corresponding period of the preceding year.
During the 2024-25 fiscal, the company's net profit stood at Rs 193.63 crore in the last fiscal as against a net loss of Rs 517.39 crore in the preceding year.
Total income increased to Rs 2546.97 crore last fiscal from Rs 1217.53 crore in the 2023-24 fiscal.
Embassy Developments, erstwhile Indiabulls Real Estate, is one of the leading real estate developers in the country.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)