Tata Realty fully acquires 8 lakh sq ft office bldg in Mumbai; buys Actis' stake in this project
Tata Realty & Infrastructure Ltd (TRIL) on Thursday said it has now fully acquired 8 lakh sq ft completed office building in Mumbai by purchasing Actis' stake in an all-cash deal.
The company did not disclose the deal value at which Actis has been given exit from this project.
TRIL has bought entire equity share held by Actis TREIT Holdings No 2 (Singapore) Pvt Ltd (Actis TREIT 2) and 416 listed NCDs held by Actis TREIT Holdings No 1 (Singapore) Pvt Ltd in TRIL IT4 Pvt Ltd in an all-cash deal, a company statement said.
A securities purchase agreement was executed between all the parties.
''We remain steadfast in our commitment to strengthen our commercial portfolio. This transaction is a testament to our confidence in the Indian commercial real estate sector. This deal is in line with our endeavour and expansion strategy for our commercial portfolio,'' Sanjay Dutt, MD & CEO, TRIL said.
TRIL and Actis have a long standing platform-level partnership with investments across multiple assets.
Despite the impact of the COVID-19 pandemic, IT4 remains a highly attractive Grade A office space that has seen not only new tenants making long-term commitments to the property, but also existing tenants extending their leases, with a healthy and stable occupancy at around 90 per cent.
''Actis' joint venture with Tata Realty has delivered its first successful exit at a time of significant short-term disruption but where strong long-term fundamentals in the Indian office market still exist,'' said Ashish Singh, Partner in the Asia Real Estate team at Actis.
Singh further said that ''with the right partner quality and strategy in the mix, supported by our active asset management approach, we look forward to further successes in our joint venture.'' TRIL is a 100 per cent subsidiary of Tata Sons and is one of the leading real estate development companies in India with a portfolio of over 50 projects across 15 cities.
Tata Realty has developed over 15 million sq ft of commercial projects and has around 12 million sq ft of projects under development & planning.
Actis is a leading global investor in sustainable infrastructure. It has raised USD 19 billion since inception.
Actis' Asia real estate business invests across Greater China, India, South Korea and South East Asia, investing with, and providing strategic value to, high-quality operating partners, across diverse property types.
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