Dawat-e-Hadiyah is Videocon’s Fort House new owner

Fort House, the home of VideoconBSE -0.29 % Group, is getting a new owner in a deal that would turn heads: The Rs.300-crore transaction is among the biggest in South Mumbai this year, but would be towards the lower end of the rate gradient for a property of that size and in that location.

Dawat-e-Hadiyah, a charitable trust of the Dawoodi Bohra community, has entered into an agreement to acquire the DN Road heritage property that has 1.50 lakh sq ft office space, two persons familiar with the development told ET. State Bank of India is selling the entire building directly to recover its dues from the Videocon Group.

“Binding documents for the transaction have been signed, with the deal valuing the entire building at Rs.300 crore. Registration of the deal is expected to be concluded soon,” said one of the persons mentioned above.

Read more: The Economic Times