Renewable energy company Suzlon Energy on Wednesday announced the sale of its corporate office, One Earth, for Rs 440 crore. The property has been sold to OE Business Park (OEBPPL), a special-purpose vehicle, shares of which are held by funds managed by 360 ONE Alternates Asset Management.
Suzlon said this was part of the company’s strategy of disinvesting non-core assets. “This move is part of Suzlon’s broader growth strategy of becoming asset-light and unlocking capital for growth to fund the execution of its expanding order book with internal resources,” the company said.
Suzlon has subsequently entered into a sale and leaseback transaction for its corporate office.
Under the terms of the agreement, Suzlon will continue to occupy the property as a lessee.
Suzlon has also entered into an option agreement to buy the shares and securities of OEBPPL at a future date. This sale and leaseback arrangement will not impact Suzlon’s operations, the company said.
Additionally, the company has the flexibility to optimise the lease costs by sub-leasing or licensing part of the property.
From: financialexpress
Financial News
