Realty developer K Raheja Corp has started the process to sell around 20% stake in its commercial or income-producing office portfolio spanning 20 million sq ft, said two persons familiar with the development. The company is looking to fetch Rs 2,700 crore to Rs 3,000 crore through this stake sale.
“While the intention to list the commercial portfolio through a REIT (Real Estate Investment Trust) remains, it has been taking time and is not moving as expected earlier. Instead the developer has now initiated the process of selling minority stake in this portfolio,” said one of the persons mentioned above.
Read more: Economic Times
