Chennai Office Complex sold to Indiabulls for 600 Cr
Indiabulls Distribution Services, powered by Indiabulls Securities has invested Rs. 600 Cr., in buying a huge commercial building in Chennai.
This tends to be one of the remarkable property deals of South India. The complex was previously owned by a hedge fund Americorp under India Land and Properties. There are three towers of the complex, spreading over 2.4 million sq ft, along with a 2 million sq ft leasable property. According to Indian consultants, it was a good deal to buy the property at a rate of Rs. 2,500 per sq ft. Indiabulls has sensibly made the investment as the property is in Ambattur in Chennai.
Managing Director of Cresa Partner, leading property consultant firm, Ashok Kumar said that Indiabulls have made a real good deal of buying this property at Rs. 2,500 per sq. ft. The total complex is around 10 acres large where half of the portion is leased to certain well known companies like Britannia Industries Limited, Kone Elevator, Royal Bank of Scotland, Covenant, Ajuba, IBox, Telebuy and many others. A company official said that Indiabulls is planning to lease the remaining portion of the land as well.
Indiabulls is further planning to carry out the transaction via private equity funds and internal accruals. They have also decided to bestow the complex with a new name, which would be One Indiabulls Park, Chennai. Most importantly, this deal is not related to the India Bulls Real Estate in any way. A company executive said that people might apparently think it to be a part of the realty phase of India Group, Indiabulls Real Estate, but it is not the correct assumption.
The recent report of CBRE says that the chief southern commercial markets of Chennai, Bangalore and Hyderabad are together combined within half of the entire corporate space taken up by leading Indian Office markets. This was smoothly executed in the first nine months of this year.
Flipkart signed a significant commercial deal regarding real estate, in October in this regard. This was one of the biggest Indian commercial deals as it included three million square ft in the Embassy Tech Village of Bangalore. It is a property owned by the joint venture of Embassy Group and Blackstone.
Source:
Business Standard
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