Citigroup buys new office space in Mumbai for $187 million

Citigroup Inc said on Wednesday it has signed an agreement to acquire 297,000 square feet of office space in suburban Mumbai's marquee business district to house its key businesses in India that are currently spread across several cities.

Last Updated: Apr 26, 2012, 14:40 PM IST

Mumbai: Citigroup Inc said on Wednesday it has signed an agreement to acquire 297,000 square feet of office space in suburban Mumbai's marquee business district to house its key businesses in India that are currently spread across several cities.

Citi would cover six floors of the First International Finance Centre in the Bandra Kurla Complex, and it will be the global bank's second major property in the area, after Citigroup Centre situated in the vicinity, a spokesman for the bank's India unit said in a statement.

The spokesman didn't specify the price it paid for the space but a person familiar with the matter pegged it at Rs 9.85 billion (about USD 187.23 million), making it one of the biggest commercial property deals in Mumbai.

The deal has been signed by Citibank NA and Citigroup Global Markets India Pvt. Ltd., the investment banking and institutional businesses arm of the bank.

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