Leelaventure owns five luxury hotels comprising over 1,400 rooms in New Delhi, Bengaluru, Chennai, Mumbai and Udaipur.
The private equity firm stepped in after Shapoorji Pallonji backed out from buying the 10-storey building in Mumbai’s latest financial district.
LDL is selling its equity interest in the two UK assets for about Rs4,200 crores – this will bring significant cash into LDL and strengthen its balance sheet.
The Tata Group firm aims to reduce its consolidated debt by 30% in the next 18 months, mainly through asset monetization.
Under the new platform, Panchshil plans to build 2 million sq. ft of warehousing and light industrial space.
The Kapoor family including brothers Rishi, Randhir and Rajiv, have been in talks with several developers to sell 1.6 acres of the two-acre property in Mumbai.
Singapore sovereign fund GIC, which was bidding along with Mumbai-based K. Raheja Corp, is out of the fray.
TPG Capital, Starwood Capital, Walton Street Capital and Tata Capital, which hold a combined 58% stake in Shriram Properties, will partly monetize their shares in the proposed IPO.
Shapoorji plans to monetize about 100 acres of land over the next two years to raise about Rs 2,000 crore, bulk of which will be used to repay debt.
Trent Ltd is close to buying around 120,000 sq. ft of space at a Lodha group property coming up at Wadala in central Mumbai .