HUL Divests Mumbai Property to Piramal Realty for Rs 452.5 Crore
Fast-moving consumer goods giant Hindustan Unilever Ltd (HUL) announced on Wednesday that it has sold the leasehold rights to its Mumbai property, "Gulita," to Piramal Realty, a part of the Ajay Piramal Group, for a substantial Rs 452.5 crore.
In a filing submitted to the Bombay Stock Exchange (BSE), HUL disclosed the execution of an agreement with Piramal Realty entities, formalizing the assignment of HUL’s leasehold rights for the land and building. The company clarified that the transaction amount encompasses both fixed and variable components.
Sources indicate that real estate consultancy firm Jones Lang LaSalle India played a pivotal role in negotiating the deal on behalf of Piramal Realty.
According to a source, the property, previously leased from the Maharashtra government by HUL and utilized as a training centre, is now slated for redevelopment into a fresh residential complex under Piramal Realty's stewardship.
This divestiture aligns with HUL's recent strategy of liquidating certain assets, including properties in Gurgaon and Mumbai, to unlock inherent value.
HUL's shares concluded Wednesday's trading session on the BSE at Rs 399.55, reflecting a decline of 1.08 per cent from the prior closing price.