Hindustan Uniliver (HUL) the FMCG giant, on Wednesday announced that it has sub-leased Gulita—a one-acre property in Worli in Mumbai — to Piramal Realty for Rs 452.5 crore.
Gautam Adani and Anil Ambani were also in race through their holding companies for the leasing of Gulita. HUL had invited bids for the building — which was formerly a training centre for the company — last year.
“HUL and Piramal Realty have signed an agreement for assignment of HUL’s leasehold rights of the land and building named ‘Gulita’ situated at Worli Sea Face, Mumbai, for a transaction value of Rs 452.5 crore. The consideration includes both fixed and variable components,” HUL said in a statement to the Bombay Stock Exchange on Wednesday.
The building, built in 1986, is on perpetual lease from the Brihanmumbai Muncipal Corporation.
HUL sub-leased the building to Piramal Realty. Industry experts speculated that Piramal could either use the building for group companies as office or generate cash flows through leasing the office building.
The tenure of lease between HUL and Piramal Realty were not announced. An email questionnaire sent to HUL and Piramal Realty spokespersons regarding the lease remained unanswered.