Raheja to buy Citibank property in Mumbai's BKC for Rs 400 crore

Citibank had planned to sell the eight-storey building in 2013 but did not proceed

Realty developer K Raheja Corp is set to buy the erstwhile headquarters of US-based banking major Citibank in the Bandra Kurla Complex (BKC) area of Mumbai for around Rs 400 crore, a source said.

Blackstone-backed Raheja has pipped Mirae Asset Management and another individual investor in bagging the 90,000-sq. ft property. The bid amounts of the latter two could not be ascertained. Sixteen entities had bid. Among these were Interglobe Aviation’s property arm, Singapore’s GIC, Godrej Fund Management and Kotak Realty Fund. 

“The entities belonging to Raheja Corp have bought the property. It fits well for (Mumbai-based) Raheja, as it has sizable