Mumbai, April 4: The Ajay Piramal group has bagged Hindustan Unilever Ltd’s (HUL) sea-facing property Gulita in Mumbai for a transaction value of Rs 452.50 crore.

In a communication to the stock exchanges, HUL said that it had signed an agreement with entities of Piramal Realty under which it had assigned its leasehold rights to the land and building situated at Worli Sea Face, a tony neighbourhood in Mumbai.

HUL added that the consideration included both fixed and variable components.

The property once housed HUL’s training centre. The FMCG giant had put it up for sale last year as the training centre had moved to its new headquarters in Andheri, a Mumbai suburb.

The property is on a perpetual lease from the Brihanmumbai Municipal Corporation (BMC). HUL was earlier planning to sub-lease the property but it later decided on an outright sale after the Supreme Court rejected BMC’s move to charge high transfer fees on leasehold properties.

HUL had earlier shortlisted six bidders, including Piramal Realty, Oberoi Realty, Peninsula Land, and entities from Anil Ambani and Gautam Adani groups.

This is the first time in recent months that Ajay Piramal has shown interest in the real estate sector. Last year, Mafatlal Industries struck a Rs 605-crore deal for its seven-acre textile mill land at Byculla in Mumbai. The plot was bought by Gliders Buildcon LLP, a subsidiary of Piramal Realty. It may be recalled that the Piramal group has been flush with cash following the sale of the formulation business of Piramal Healthcare around two years ago.