Banks sell Bishopsgate

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Standard Chartered Bank and a subsidiary of HSBC have agreed to sell Bishopsgate, a prime residential property located at Breach Candy in Mumbai that was jointly owned by the two banks. The property was sold through a bidding and auction process conducted by Jones Lang LaSalle. Among the five bidders for the property, real estate developer Peninsula Land emerged with the highest bid of ₹2.7 billion (US$50 million).

Bishopsgate has 12 apartments and 12 garages. Peninsula Land plans to tear down the building and construct a luxury residential tower in its place.

Peninsula Land is part of the Ashok Piramal Group, which has businesses in real estate, textiles, engineering, family entertainment and sports. Peninsula Land has a total of 33.4 million square feet under development, including almost 4 million square feet in Mumbai. It also has plans for residential projects in Nashik and Pune and a commercial project in Nagpur, and is working on three special economic zones, in Goa, Hyderabad and Pune.

The sale of Bishopsgate comes as a breath of fresh air at a time when the real estate market has been sluggish.

Kanga & Company, led by senior partner ML Bhakta with assistance from Minal Sampat, advised Standard Chartered, HSBC and its subsidiary. Desai & Diwanji, led by partners Shishir Diwanji and Ruzbeh Mistry, advised Peninsula Land.

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