From ET Realty
MUMBAI | BENGALURU: Essar Group has signed a definitive agreement with RMZ Corp to sell Equinox Business Park, a 1.25 mn sft office space prominently located in Mumbai’s prime CBD at Bandra-Kurla Complex for approx. Rs 2400 cr. This is the largest real estate property transaction this year so far.
“This transaction fits in with Essar’s strategy of successfully building businesses and actively managing the portfolio of assets to create and deliver value. This is in line with the present objective and focus of Essar to monetise non core assets and deleverage the balance sheet. RMZ is one of the pioneer in commercial real estate development in India and I am sure this asset will create an exciting future platform for RMZ, its customers and stakeholders in Mumbai and the western region,” Anshuman Ruia, Essar said.
RMZ has bought the asset through its alliance with sovereign fund Qatar Investment Authorities. This is the latest in a series of large office space buyouts by RMZ Corp who have created a portfolio of rent-yielding commercial assets in India.
“We are progressing our vision to create a more attractive and engaging environment which meets the changing needs of our customers. We are confident that with this acquisition we will extend our core businesses into the growing markets with a world-class development opportunity in the heart of one of Mumbai’s major regeneration zones” said Manoj Menda corporate vice chairman RMZ Corp.
The business park houses tenants including Nissan Motors, Acropolis, Crompton Greaves, Gilbarco Aegis, Lafarge and alike besides the offices of Essar.
Equinox Business Park, developed by Essar-owned Equinox Properties near BKC on LBS Marg is a commercial hub for banks, financial institutions and corporates. Essar Group has developed the corporate park on the Swan Mill Compound that it had acquired from Piramal’s Peninsula Land in 2008.