Goldman Sachs closes bids for exiting Four Seasons property

Goldman Sachs has finally closed the bids for exiting the Four Seasons property it has been developing in Bangalore, reports CNBC-TV18’s Vineetha Athrey.

Also read: Goldman joins bandwagon, downgrades China This is the same Four Seasons property in Bangalore where Goldman Sachs is building two branded Four Seasons residential towers as well as Four Seasons Hotel. It holds 73 percent stake in the project whereas Century Developers holds another 27 percent stake. A month ago, Goldman Sachs called for bids to exit this project and sources told CNBC-TV18 that the bids have closed on June 30. A total of nine bidders have finally approached Goldman Sachs. These include Oberoi Realty, K Raheja, Nitish Estates who has tied up with Xander Private Equity, RMZ Brigade Developers who has tied up with GIC Singapore, CMD, Shriram Properties, Vatica Developers as well as an international bidder. Earlier, there was a lot of speculation that Rana Kapoor of Yes Bank could be one of the interested parties, but top level sources involved in the deal tell us that he has not even submitted the bids.