Dell May Sell 25 Acres To Amity For Rs 250 Cr – The Economic Times – 25-Dec-2014
December 29, 2014 - Uncategorized
US-based computer maker Dell is close to selling 25 acres in Noida to Amity University for around Rs 250 crore, two people with knowledge of the transaction told ET. The land abuts the 60-acre Amity University campus. The education group is likely to use this land to expand its activities.
“The university will add to its research and development activities that would include industrial and entrepreneurship development,” said one of the people quoted above. Aseem Chauhan, chancellor of Amity University, said he will not comment on the deal as it has not been finalised yet. Property consultancyCBRE, which is advisor to the transaction, declined to comment.
A Dell spokesman said the company does not comment on market speculation or rumours. “Dell has been present in Noida for over a decade and it is an important location for our growth and expansion. We have, in fact, added additional capacity closer to our existing site and we are fully committed to growing in Noida,” he said.
Like many other multinational companies that have sold land and properties in the past few years, Dell is also looking to monetise this land parcel to make its balance sheet asset light. “For the company, renting office space is an easier option because it gives them flexibility to take up space for expansion as and when required. Also, building an office on this land will be cumbersome for an MNC,” said Vivek Dahiya, chief executive officer at Gen-Real Property Advisers.