Anil Ambani Group’s Reliance Infrastructure sold its headquarters in Santa Cruz, Mumbai, to Yes Bank for Rs 1,200 crore on Thursday. Yes Bank, which currently operates from Indiabulls Centre in Central Mumbai, will convert the building as its corporate headquarters.

The entire proceeds from sale of Reliance Centre, Santacruz, will be utilised to repay the debt of Yes Bank. The lender had an exposure of Rs 4,000 crore in the company. With this deal, Yes Bank has reduced its exposure in Reliance Infra by half to Rs 2,000 crore.

With this sale, Reliance Infra has sold three major assets since January this year, including the sale of Delhi Agra Toll Road to Cube Highways and the electricity transmission asset (Parbati Koldam Transmission) to Indigrid.

Once the headquarters of Anil Ambani, Reliance Centre was an ultra-modern, state-of-the-art, office building with over 6.95 lakh sq ft area on a plot of 15,514 sq m. Mr Ambani shifted to this office after he moved out of Reliance’s Ballard Estate office.

Real estate experts note that the office enjoys prime location adjacent to Mumbai’s Western Express Highway and is a 15-minute drive away from the Chhatrapati Shivaji International Airport Terminal (T2), 10-minute drive from domestic airport Terminal (T1), 20-minute drive from Bandra-Kurla-Complex business district. The centre has covered parking space for 425 four-wheelers and 150 two-wheelers.