Godrej Properties Ltd., a Mumbai based developer, to pare a significant portion of its debt, is planning to sell some of its office assets to raise almost Rs 1500 crore.
In terms of sales and delivery even during the prolonged slowdown, the company has been among the country’s best developers. While many other such companies have not launched anything new, the developer is on an acquisition spree.
According to a February report by Edelweiss Securities Ltd., due to land and approval related cash outflows, in the October-December quarter, GPL’s net debt jumped Rs 270 crore on sequential basis to Rs 3270 crore.
While the company sold 435,000 sq. ft., to pharmaceutical firm, Abbott India Pvt. Ltd., in its Godrej BKC tower in Mumbai’s Bandra-Kurla Comlex for Rs 1479 crore, in September 2015. The pharma company is planning to set its corporate office there.
GPL in Chandigarj and Kolkata has two more office projects, and is planning to sell and raise capital, according to the company's chief executive chairman, Pirojsha Godrej.