Diamond trader buys Cadbury House in Mumbai for $56M

Cadbury House, an iconic Cadbury building on Peddar Road, Mumbai, has been sold off to a diamond trader for close to Rs 350 crore ($56 million), said sources privy to the development.

Property consultant Cushman and Wakefield was the advisor to the transaction.

When contacted, Sanjay Dutt, executive managing director of Cushman & Wakefield in South Asia, said the transaction is in process but did not share any further details.

Two sources told VCCircle that Dilip Lakhi, a diamond merchant has bought the asset through an all cash transaction. It is believed that Lakhi plans to use the building for personal use. Text messages to Lakhi for an official confirmation went unanswered.

Mondelez International, which acquired Cadbury globally, had put the India headquarters on sale earlier this year and has been receiving bids from realty developers and private equity funds for the same.

A PE fund manager who was part of the bidding process indicated that most of the other suitors were keen to buy the asset for less than Rs 300 crore as the entire building would have to be redesigned.

The property is spread across 1.1 acre and also houses quarters for senior management officials. With the iconic building changing hands, the staff will have to move out over the next few months.

Last year, billionaire Ajay Piramal had acquired a four storey bungalow from FMCG-major Hindustan Unilever called Gulita for close to Rs 450 crore. Piramals are now using the property to develop a property for personal use.

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