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Case Study | Vinay Bhayva Complex: Divestment & Acquisition

Colliers Asia - Case Study - Vinay Bhayva commercial office India

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Location (City)

Asset Type

Transaction Date

Size (Sqm)

Value (USD)

Mumbai

Office (Commercial) September 2020 2,844.5

$6.65 million


Services provided:
Divestment and Acquisition 

Buyer: Harman Finochem Ltd

Seller: Kotak Mahindra Bank Ltd (KMBL) and Kotak Mahindra Capital Company (KMCC)

 

The Challenge


  • The property was a Grade B asset with existing structural challenges
  • Gaps in pricing expectations

Having moved into new premises, the client was looking to dispose of the asset to free up operating capital. 

However, the Grade B asset had existing structural challenges including water logging, lack of BMC water access and lack of amenities, amongst others.

The asset had previously listed for sale, but had not received any interest. 

The Strategy

Colliers was appointed with a new mandate and proposed a closed bid sale to the vendor.

The Solution

The team reached out directly to investors, companies and funds, primarily targeting companies based out of the same and neighbouring premises.

Simultaneously, owing to the structural challenges of the asset, Colliers worked with the vendor to re-evaluate the sale price down to a fair/discounted value.

The Result

Colliers worked with Harman Finochem Ltd., a pharma company based in the same complex, to make an offer on two floors in the building, as well as the ground floor of another wing owned by KMCC, at a discounted price.

The acquirer also appointed Colliers to represent them in this agreement.

Despite the challenging external environment as a result of COVID-19, the deals were closed at the agreed price.

 

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Related Experts
India

Piyush Gupta

Managing Director

Capital Markets & Investment Services

Mumbai (Corporate Office)

Piyush is responsible for developing Capital Markets Business in India.

Piyush is leading the Client acquisition, developing institutional relationships with Indian and Global Funds, Sovereign Funds, Banks, NBFCs, AIFs for Capital Markets Business   

With close to 19 years of experience, Piyush is an industry veteran with proven expertise in real estate investments, asset management and exit strategy, deployment and business development. With experience of investing of US$ 2 billion, Piyush is leading Colliers’ Capital Markets business in India and strengthen the market position of the organization with a clear focus on servicing our clients across the spectrum.

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