Trent Ltd, the fashion retailing arm of Tata group, is learnt to sell some of its prime properties so as to raise cash for expansion. Trent will take the properties back on lease as the retail business needs physical space.
According to company sources, at current realty prices, the company will raise up to Rs 7 billion by selling its properties across India, the combined space of which is almost 300,000 square feet. The property short listed for the same include an office building in Mumbai’s suburban business district of Bandra Kurla complex, Spencer’s Plaza in Chennai and a property each in New Delhi and Ahmedabad.
The money along with internal accruals will help the company to fund its Rs 20 billion investment in the Star India Bazaar hypermarket chain and Westside retail stores, added company sources.