Hindustan Unilever (HUL) is reportedly trying to redevelop its landmark Brookfields Property in Whitefield, Bangalore. The plan this time is to co-develop the 26.5-acre property into an IT SEZ. The company’s wholly owned subsidiary, Brooke Bond Real Estates, has called for bids for co-development. The land will be leased to the co-developers.
Sources close to the development said companies like Cognizant, TCS, Goldman Sachs, HP and several real estate developers have expressed interest in partnering with HUL. “Those companies that do not have competence in real estate are in talks with developers for the project,” sources said. HUL is said to have held talks with real estate consultancies including Tishman Speyer and Cushman & Wakefield to find partners for the project.
Developers will get an equity stake in the project. Though officially most of these developers have denied their company was interested in participating in the project. HUL officially says, “We have received SEZ approval for this site and are now evaluating alternative options to proceed further.” In 2006-07 too, HUL had tried to unlock the value of the property.
But then it was said to have been looking at an outright sale. The property was set up when Brooke Bond India shifted its base from Kolkata to Bangalore in the mid-80s and came into the HUL fold when it acquired Brooke Bond. It housed HUL’s foods business, but most of that business was moved to Mumbai in 2006.
