Piramal Capital sells two offices in Mumbai’s BKC to TCG Urban Infra for Rs 110 crore

April 5, 2023

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Piramal Capital & Housing Finance Ltd has sold two office spaces spread over 22,524 sq ft in commercial tower TCG Financial Centre in Mumbai’s business district Bandra-Kurla Complex for over Rs 110 crore to TCG Urban Infrastructure Holdings.

This is part of a buyback deal as TCG Urban Infrastructure had sold the same office space, in 2013, to Dewan Housing Finance Corporation Ltd (DHFL), which has now merged with Piramal Capital & Housing Finance Ltd.

DHLF had bought these offices spread across the 9th and 10th floor of the commercial tower in BKC’s G Block for Rs 95 crore then. It had then paid stamp duty of Rs 4.75 crore for the deal’s registration.

TCG Urban Infrastructure Holdings concluded and registered the deals for both the offices last week on March 28 and has paid stamp duty of Rs 6.60 crore, showed the documents accessed through CRE Matrix.

As part of the deal, TCG Urban Infrastructure Holdings will also get exclusive access to a total 31 car parking slots.

ET’s email queries to Piramal Capital & Housing Finance and TCG Urban Infrastructure Holdings remained unanswered until the time of going to press.

The NBFC has been actively selling bad loans to clean up the stressed book of DHFL, which it had acquired in a bankruptcy auction in September 2021. It had acquired DHFL for Rs 34,250 crore, including Rs 14,717.4 crore of cash and bonds issued to DHFL lenders for the balance Rs 19,532.5 crore.

ET has reported recently that Piramal Capital & Housing Finance will sell its Rs 5,546-crore bad loan portfolio inherited from DHFL to JM Financial Asset Reconstruction Company after a Swiss challenge auction failed to attract any counter offer.

JM Financial ARC has offered to purchase the portfolio for Rs 2,550 crore, equating to a 46% recovery rate.

In June 2022, the NBFC sold distressed loan portfolios totalling Rs 4,451 crore to VSJ Investments in two tranches.

  • Published On Apr 5, 2023 at 09:27 AM IST

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