|
Aurum Proptech today announced that its Board of Directors has approved the sale of Buildings Q5 and Q6 at Millennium Business Park, Navi Mumbai, for a total consideration of Rs 112 crore, approximately 15% above the valuation provided by the valuers.
The transaction forms part of Aurum PropTech's broader strategic shift toward AI-driven PropTech platforms, with the company committing significant capital toward building advanced artificial intelligence capabilities across the real estate ecosystem. The proceeds from the
transaction will further strengthen Aurum's growing AI investment pool and support the accelerated development of intelligent digital infrastructure for the real estate sector.
The assets have a approximate book value of Rs 27 crore, and the transaction will generate a substantial profit, thereby enhancing the Group's profitability metrics and strengthening its balance sheet.
Following the completion of the transaction, Aurum PropTech is expected to become debt-free, as the sale proceeds will be utilized to prepay Lease Rental Discounting facility (LRD) of Rs 56 crore.
|