News & Views on Indian Real Estate

Friday, July 11, 2008

Citigroup may sell its India HQ

Desperate to repair its demolished balance sheet--and finding it harder to persuade investors to sign up for more losses--Citi is selling its Indian headquarters in Mumbai (as well as other properties) and leasing it back. The move will net about $500 millionThe company has appointed Jones Lang LaSalle Meghraj to do a valuation of the headquarters. It is also selling some corporate offices and prime residential properties in Mumbai, Delhi and Chennai. In Mumbai, it has already liquidated about 8 residential properties in the last one year. Recently, it sold a property here to a Bollywood actor for a whopping Rs 30 crore. Industry officials said the company plans to sell the BKC headquarters and lease it back.