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VW India to shift its headquarters
In one of the largest commercial lease transactions this year, German automobile maker Volkswagen has picked up over 1 lakh sq ft office space in the Andheri suburb of Mumbai to shift its India headquarters from Bandra-Kurla Complex, said two persons familiar with the development.
The lease transaction with tenure of five years with an option to extend it by another five years has been concluded at Rs 130 per sq ft a month.
The German carmaker's new India headquarters here will house almost all its operations, including auto finance and used cars business and brands including Volkswagen, Skoda, Audi, Porsche and Lamborghini on a total 105,000 sq ft space. Currently, key operations for all these brands are housed in Maker Maxity in BKC.
"Volkswagen has already started working on shifting of its operations from Maker Maxity and will start operating out of the new headquarters by April," said one of the persons with direct knowledge of the transaction.
Both Volkswagen India and Mumbai-based realty developer Silver Group did not respond to ET's email query regarding the deal.
The deal assumes significance in the backdrop of very few large commercial lease transaction of this size taking place in Mumbai for almost three quarters now. The company also has an office on the outskirts of BKC to house its HR and finance function.