Canadian Realty Investment Firm to Acquire 1-Mn Sq-Ft in Piramal Realty Office Park
Canadian real estate investment firm BentallGreenOak has entered into an agreement with Piramal Realty to acquire part of its commercial development Agastya Corporate Park in central Mumbai’s Kurla locality for more than Rs 1,000 crore. The deal marks the foray of BentallGreenOak, which is a part of Canadian financial services firm Sun Life Financial Inc, into India’s real estate investment sector.The term sheet for the transaction has already been signed and the deal is expected to be concluded in the next one month. Piramal Agastya, spread over 16 acres on LBS Marg, is one of the country’s largest non-IT commercial developments, with a total project size of nearly 2 million sq ft. BentallGreenOak is buying 1 million sq ft, which has been completed and substantially leased. Launched in 2012, Piramal Realty counts Goldman Sachs and Warburg Pincus among its investors. The deal reinforces continued interest of global institutional investors including private equity, sovereign funds and insurance companies in Indian commercial real estate on the back of rapid urbanisation, favourable regulatory norms and high demand for residential and office premises across the country. The BentallGreenOak and Piramal Realty transaction will lead to one more global institution entering the market chasing such commercial real estate assets in the country.
Tags : News/Views Real Estate Piramal Realty Acquisition Canada Realty Investment Firm BentallGreenOak