Infra major Larsen and Toubro is in talks with Blackstone Group to sell Seawoods Mall — one million square feet — in Navi Mumbai for Rs 1200-1500 crore. The Mall is a part of transit oriented development. It was built by L&T Realty, the real estate arm of L&T.
L&T is not keen to have the Mall in its books as it is a non-core business of the company and hence it wants to exit it. Sources say L&T has not invited bids for it as of now and is only engaging in talks with Blackstone.
L&T is hoping to get minimum Rs 1500 crore, but as negotiations proceed, Blackstone will want to shell out just about Rs 1200 crore.
Seawoods Mall is a part of a 40-acre development plan, which L&T had bagged in 2008 by outbidding the likes of DLF and Indiabulls. Just last year, L&T also sold a mall in Chandigarh to Carnival Group for Rs 1700 crore.
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