HUL Appoints Cushman & Wakefield to Sell Properties

July 25, 2007	(Be the first to rate this story!)  Loading ...
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Hindustan Unilever Limited (HUL), India’s largest consumer products company, has recently forayed into the booming Indian real estate. The company has a multitude of residential projects in prime markets like Juhu and Santa Cruz on the block.

HUL has appointed the leading international commercial real estate service Cushman & Wakefield to sell these properties. It is also considering signing joint venture agreements with property developers or a complete sell out of its Bangalore property. The company is in discussions with several property consultants to plan a strategy for the sale.

Many of the properties acquired by the company are in high end markets where realty prices are already touching the skyline. As property prices in Mumbai have already reached over 50% in the last one year, the company is certainly going to earn big money for its Juhu and Santa Cruz properties. Rates for properties in these areas range from Rs 14,000 – Rs 20,000 per sq ft.

HUL is also planning to sell its headoffice, Lever House located in Mumbai. The building is likely to command around Rs 25,000 per sq ft. Besides being a landmark, it features an array of facilities including ample parking space and a garage.

Several top corporates have already lined up to bid for South Mumbai head office and the Bangalore’s property, where the food division of HUL is headquartered.

HUL is bringing all employees under a single umbrella. The sale of prime properties will potentially generate large money and also reduce operational costs.

News Published Under:   Real Estate India |

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