Piramal Capital sells two offices to TCG Urban Infra for Rs 110 crore

Piramal Capital & Housing Finance has sold two office spaces totalling 22,524 square feet in the commercial tower TCG Financial Centre in Mumbai's business district Bandra-Kurla Complex 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 and paid stamp duty of Rs 6.60 crore, according to documents accessed via CRE Matrix. TCG Urban Infrastructure Holdings will also gain exclusive access to a total of 31 parking spaces as part of the agreement. Emails sent to Piramal Capital & Housing Finance and TCG Urban Infrastructure Holdings went unanswered until the time of publication. The NBFC has been actively selling bad loans in order to clean up DHFL's stressed book, which it purchased in a bankruptcy auction in September 2021. It paid Rs 34,250 crore for DHFL, which included 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 failed to generate a counter offer, 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 46% recovery rate. The NBFC sold distressed loan portfolios totaling Rs 4,451 crore to VSJ Investments in two tranches in June 2022. Also Read Welspun New Energy's CEO and Executive Director is Kapil Maheshwari Master Plan Road worth Rs. 6.3 crore ready for inauguration