K Raheja Corp, GIC to buy Siemens' Worli property for Rs 610cr

In a major land deal, realty firm K Raheja Corp and Singapore's sovereign wealth fund GIC will jointly purchase a property located at Worli, Mumbai for Rs 610 crore from Siemens.
Siemens, in a filing to the BSE, today informed that the company has signed a Memorandum of Understanding (MoU) with K Raheja Corp Group and GIC to transfer its leasehold interest in the property.
Siemens and Whispering Heights Real Estate, a proposed joint venture entity of GIC affiliate Reco Solis Pte Ltd and the K Raheja Corp Group, have executed the MoU for the transfer and assignment of leasehold interest in the property located at Worli "for a total consideration of Rs 610 crore", the company said in the filing.

The proposed deal is subject to receipt of all requisite statutory and regulatory approvals from the concerned authorities and signing of firm agreements between the two parties, it added.
Siemens group is engaged in various businesses including energy, healthcare, industrial automation, building technologies, drive technology, mobility, financing, consumer products and services.
K Raheja Corp is a leading real estate developer in Mumbai.