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PTI mumbai
Updated: 16-01-2019 19:33 IST

In a major commercial deal, Tata

Group's retail arm Trent has acquired five floors of office

space in Lodha Group's commercial building Lodha Excelus New

Cuffe Parade for a transaction value of Rs 300 crore.

Of the 5 floors, the company, as the first and anchor

client, has bought four floors on an outright basis, while one

floor has been taken on a long-term lease and the deal is

valued at about Rs 300 crore for a total 1.5 lakh sq ft

leasable area, Lodha said in a statement issued Wednesday.

"The transaction has been done at a value of around Rs

60 crore per floor, implying a deal value of Rs 300 crore,

which makes the building worth Rs 1800 crore. We have just

completed the first office building at this project with over

8 lakh sqft of leaseable area and we are starting work on the

second office building of about 11 lakh sqft soon," Lodha

group Regional CEO Shaishav Dharia said.

He further said the company has a few projects under

development which will be completed over the next three years,

giving us an annuity business worth over Rs 15,000 crore.

Lodha Excelus at New Cuffe Parade, is a mixed-use

development spread over 23 acres and encompassing 10

residential and three commercial towers.