 "Siemens sells prime Bangalore land to realty major Prestige for Rs 345 crore")
German conglomerate Siemens has sold an 8.5 acre land parcel to Southern real estate major Prestige Estates Projects for Rs 345 crore.
The land parcel is located at Koramangala, across the Forum Mall, which has also been built by the Prestige group.
In a stock exchange notification, Siemens said it sold the land as part of a continuous asset optimisation exercise.
“We have sold the land parcel in Bangalore today (July 3, 2014) to Prestige City Properties. The proceeds of the sale are approximately Rs 345 crore.”
According to a report in the Times of India , atabout Rs 43 crore per acre, the land transaction is one of the biggest Bangalore has ever seen, and is the largest per acre deal executed by Prestige.
Earlier this month, Irfan Razack, CMD, Prestige Estates , told CNBC-TV18 that the company is targeting Rs 550 crore of rental income p.a by FY17 and expects Rs 5,000 crore of pre-sales in FY15.
Koramangalais one of the prime roads in Bangalore and rentals in the area are in the range of Rs 9,000 to Rs 15,000 per sq ft
Prestige Estates has 171 completed projects aggregating 52.39 million sq ft and 63 ongoing projects with 59.47 million sq ft of developable area.