WNS Global Services has made headlines with its recent sale and leaseback deal, selling its 170,000 sq ft office space in Pune for a whopping Rs 177 crore. This unique transaction allows the company to free up capital while still retaining the property for its operations over the next five years.
Sale and leaseback agreements are not commonly seen in India’s office real estate sector, making this deal particularly innovative. By selling its office space in Magarpatta Cyber City, Hadapsar, Pune, WNS has unlocked funds that can be utilized for strategic growth initiatives such as debt reduction, business expansion, or other critical investments.
The financial impact of the deal is significant, with the sale executed at Rs 10,300 per square foot and the leaseback agreement set at an annual rental rate of Rs 16 crore. With a provision for a 5% annual increase in rent, WNS stands to benefit from enhanced financial flexibility and operational continuity.
This move by WNS follows in the footsteps of Suzlon Energy, which also engaged in a sale and leaseback transaction for its Pune headquarters. With a global presence spanning over 10 countries and employing over 63,000 professionals, WNS is a key player in the business process management industry.
Overall, this sale and leaseback deal represents a strategic decision by WNS to optimize its financial resources while maintaining its operational capabilities. As more companies explore similar opportunities to monetize their real estate assets, we may see a rise in sale and leaseback transactions in India’s office real estate market in the future.
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