Bombay Dyeing sells Worli property to Axis Bank

After the recent commercial real estate transaction where Edelweiss Broking Ltd, paid around Rs 20,000 per sq foot for over two lakh sq ft space at the Bandra –Kurla complex for Rs 407 crore, Bombay Dyeing has sold a four lakh sq feet office building in Worli to Axis Bank.

Axis Bank, the buyer will shift its corporate headquarters currently at Cuffe Parade to this new building at the Bombay Dyeing mills compound.

The transaction is for approximately Rs19,500 per sq feet and final amount for the deal is not known.

Bombay Dyeing has been for long trying to sell some of its land which it holds in prime areas in Bombay, given the factor that the company has a large land bank due to its vacant mills.

The news on the transaction has been in the market as talks have been going on for several months before it was closed now.

Bombay Dyeing is now focusing on real estate given the fact that it has huge mills lands at Worli and Dadar.