Siemens sells 8.5 acre Bangalore land for Rs 345 crore

The land has been sold to city based developer Prestige group

Five and half years after putting the 8.5 acre plot on the block, the Indian arm of German multi-national Siemens has sold a 8.5 acre land parcel in Bangalore to city based developer Prestige group for Rs 345 crore.

In 2012, though Prestige was the highest bidder to buy the land located at Koramangala in Bangalore, the deal was called off due to some technical reasons. A year before that, another Bangalore developer was in the final leg of talks to buy the land but opted out of it.

"As part of our continuous asset optimization exercise within Siemens, we have sold the land parcel in Bangalore today (i.e. July 03, 2014) to Prestige City Properties. The proceeds of the sale is approximately Rs. 345 crore," Siemens said today.

When contacted, Irfan Razack, chairman and managing director of Prestige group, said" we registered it (the transaction) today. Prestige plans to build a mixed use project on the plot. The floor area ratio of the plot is 3.25.