Godrej Prop jumps 7.5% on Rs 1480-cr sale deal with Abbott

Shares of Godrej Properties advanced by over 7.5 per cent today after the company sold 4.35 lakh sq ft in commercial project at BKC here to healthcare products major Abbott for about Rs 1,480 crore.
The stock gained 7.58 per cent to settle at Rs 329.10 on the BSE. During the day, it surged 9.83 per cent to Rs 336.
On the NSE, shares of the company moved higher by 7.54 per cent to end at Rs 329.10.
The company added Rs 467.98 crore to Rs 6,565.98 crore in market valuation.
Abbott plans to use the space as its corporate office, bringing together all of its business in the city at one location. This is a part of the company's deepening commitment in India, Abbott said in a statement.

It will accommodate more than 1,500 employees. The company expects to occupying this building from 2016.
In a filing to the BSE, Godrej Properties today announced that "the company has entered into a transaction for selling 4,35,000 sq ft of saleable area at its commercial project Godrej BKC in Bandra Kulra Complex (BKC) Mumbai to a single user for a total consideration of Rs 1,479 crore."
This is the highest ever value for any single end-user commercial real estate transaction in India, it added.