Construction Industry News
Piramal Capital & Housing Finance has sold two 22,524-square-foot office spaces in the TCG Financial Centre commercial tower in Mumbai's Bandra-Kurla Complex business district to TCG Urban Infrastructure Holdings for more than Rs 110 crore.
TCG Urban Infrastructure sold the same office space in 2013 to Dewan Housing Finance Corporation (DHFL), which has since merged with Piramal Capital &Housing Finance Ltd, as part of a buyback agreement. DHLF had purchased these offices on the 9th and 10th floors of the commercial tower in BKC's G Block for Rs 95 crore at the time. It then paid Rs 4.75 crore in stamp duty to register the transaction.
TCG Urban Infrastructure Holdings completed and registered the deals for both offices on March 28, paying stamp duty of Rs 6.60 crore, according to documents accessible through CRE Matrix.
TCG Urban Infrastructure Holdings will also have exclusive access to a total of 31 parking spaces under the agreement. Emails to Piramal Capital &Housing Finance and TCG Urban Infrastructure Holdings remained unanswered until the time of publication. The NBFC has actively sold bad loans to clean up DHFL's stressed book, which it bought in a bankruptcy auction in September 2021.
It paid Rs 34,250 crore for DHFL, including Rs 14,717.4 crore in cash and bonds issued to DHFL lenders for the remaining Rs 19,532.5 crore. After a Swiss challenge auction fails to yield a counteroffer, Piramal Capital & Housing Finance will sell its Rs 5,546-crore bad loan portfolio inherited from DHFL to JM Financial Asset Reconstruction Company.
JM Financial ARC has made an offer to buy the portfolio for Rs 2,550 crore, representing a recovery rate of 46%. The NBFC sold distressed loan portfolios totaling Rs 4,451 crore to VSJ Investments in two tranches in June 2022.
