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Last Updated : Feb 06, 2018 05:30 PM IST | Source: PTI

Arshiya sells warehouses for Rs 534 crore

Even as it has monetised through selling the asset which involves 0.8 million sqft of constructed space and the scope to build another 2.8 million sqft, Arshiya will be leasing back the same from the new owner.

Representative image
Representative image

Embattled logistics company Arshiya has decided to sell six warehouses at its free trade and warehousing zone at Panvel to Ascendas Property Fund for Rs 534 crore.

Even as it has monetised through selling the asset which involves 0.8 million sqft of constructed space and the scope to build another 2.8 million sqft, Arshiya will be leasing back the same from the new owner.

Arshiya chairman and managing director Ajay Mittal said the deal is part of implementation of an asset light model which the company is implementing.

The buyer fund is a part of Ascendas-Singbridge Group, which is focused on providing urban and business space solutions.
First Published on Feb 6, 2018 05:21 pm
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