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Oct, 18 2018

Diageo to sell prime office space in Bengaluru's UB Tower to DivyaSree Group

Diageo, the British alcoholic beverages company, will sell 30,000 sq ft of prime office space in the UB Tower to DivyaSree Group in Bengaluru.

Diageo, the British alcoholic beverages company, will sell 30,000 sq ft of prime office space in the UB Tower to DivyaSree Group in Bengaluru. The deal is pegged at Rs 28,000 per sq ft.

Diageo, which bought a controlling stake in Vijay Mallya's United Spirits Limited (USL), will sell and lease back the space to operate its office from the same premises after the transaction. 

People aware of the deal said, "Diageo is in discussion with a Bangalore-based investor and is in the final stages of the deal closure. It can either be an entity level transaction or bought by an individual." 

A spokesperson from USL said, "This move is in line with our strategy to monetise non-core assets. Diageo Plc’s India arm owns five floors in UB tower and will only sell four floors as part of the assets disposal plan."

"The UB space is a premium office building in Bangalore and as part of the settlement with the UB Group in 2016, the spirits maker received real estate that it is now selling to unlock value," people further stated. 

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