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Raheja Developers to buy Citibank property in Mumbai's BKC

Thursday, 04 Jul 2019
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Realty developer Raheja Developers is set to buy the erstwhile headquarters of US-based Citibank in the Bandra-Kurla Complex (BKC) area of Mumbai, Maharashtra, for around Rs 400 crore.

Raheja Developers has pipped Mirae Asset Management and another individual investor in bagging the 90,000 sq ft property. Sixteen entities had placed their bids to purchase the property. Among these were Interglobe Aviation’s property arm, Singapore’s GIC, Godrej Fund Management and Kotak Realty Fund.

Two international property consultancies, CBRE and JLL, are handling the process. Raheja Developers owns commercial property in excess of 20 million sq ft and Blackstone owns 15 percent in the former’s rental arm. It has commercial properties in Mumbai, Pune and Bengaluru, among others.

Citibank had planned to sell the eight-storey building in 2013 but did not proceed. It has since shifted all its front-end businesses, including consumer, investment and corporate banking, to the First International Finance Centre, a building in BKC.

 
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