Desperate Citi (C) Sells Off India Real Estate To Raise $500 Million

Desperate to repair its demolished balance sheet–and finding it harder to persuade investors to sign up for more losses–Citi is selling its Indian headquarters in Mumbai (as well as other properties) and leasing it back. The move will net about $500 million. Financial Chronicle:

The company has appointed Jones Lang LaSalle Meghraj to do a valuation of the headquarters. It is also selling some corporate offices and prime residential properties in Mumbai, Delhi and Chennai. In Mumbai, it has already liquidated about 8 residential properties in the last one year. Recently, it sold a property here to a Bollywood actor for a whopping Rs 30 crore. Industry officials said the company plans to sell the BKC headquarters and lease it back. When contacted by Financial Chronicle, chairman and country head of Jones Lang LaSalle Meghraj, Anuj Puri, refused to comment.

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