US investors to sell stake in BKC’s landmark project for Rs1,500 crore

A consortium of US-based investors that developed First International Finance Center (FIFC), a landmark commercial building in Mumbai’s financial district, Bandra Kurla Complex (BKC), plans to sell its stake in the property for around Rs. 1,500 crore, said two people aware of the development. Around 300,000 sq. ft of the total 657,000 sq. ft office complex is currently owned by Citibank NA. The firm had signed one of the largest commercial deals by value in 2013 by acquiring six floors of the 14-storey building for Rs. 985 crore.

The group of investors, including US-based Starwood Capital Group, India Property Fund and Urban Infrastructure Real Estate Fund, which owns the remaining portion of the building is in talks with global investors and other potential buyers, according to one of the two people cited above.

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