WNS Global Sells 170,000 Sq Ft Pune Office in Sale-Leaseback Deal

07 Feb 2025 CW Team

WNS Global Services, a leading business process management firm, has finalised a sale and leaseback transaction for its 170,000 sq ft office space in Pune. The company sold its office in Magarpatta Cyber City, Hadapsar, for Rs 1.77 billion and has leased it back for a period of five years at an annual rental cost of Rs 160 million. This arrangement allows the company to continue operations from its existing workspace while unlocking capital tied to real estate assets.

Sale and leaseback agreements, commonly seen in the aviation and hospitality sectors, are relatively uncommon in India’s office real estate market. This transaction structure enables a company to sell its property to an investor while retaining occupancy through a lease agreement. The recent deal was executed at an effective sale price of Rs 10,300 per square foot, with a lease rental of Rs 77.5 per square foot per month. As per real estate data analytics platform Propstack, the lease agreement includes an annual rental escalation of 5 per cent.

The capital raised through this transaction can be utilized for various strategic purposes, including debt repayment, business expansion, or reinvestment in core operations. Converting real estate assets into liquid capital enhances financial flexibility while ensuring business continuity.

Similar transactions have taken place in India, with Suzlon Energy monetizing its headquarters, One Earth, in Pune through a sale and leaseback deal in September.

By the end of December, WNS had a global workforce of 63,390 employees across 66 delivery centres in countries including the US, the UK, Canada, China, Costa Rica, Malaysia, the Philippines, and several locations in India such as Mumbai, Pune, Bengaluru, Hyderabad, Chennai, and Gurgaon.

News source: Pune Pulse

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