Hindustan Unilever Ltd. (HUL), on Wednesday, said the company had sold its leasehold rights of a property in Mumbai for Rs.452.50 crore to the Ajay Piramal Group firm Piramal Realty.

HUL and entities of Piramal Realty have signed an agreement for assignment of HUL's leasehold rights of the land and building, named ‘ Gulita,' situated in Mumbai for Rs.452.5 crore, HUL said in a filing to the BSE.

The consideration included fixed and variable components, it added.

According to sources, realty consultant Jones Lang LaSalle India negotiated the deal on behalf of Piramal Realty. The property was taken on lease from the Maharashtra Government by HUL and used as a training centre, a source said, adding Piramal Realty would use the premises to develop a new residential complex.

In the past few years, HUL has been selling some of the properties it owns, including some in Gurgaon and Mumbai, to unlock value.

Shares of Hindustan Unilever on Wednesday closed at Rs.399.55 on the BSE, down 1.08 per cent from its previous close.

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