Tata realty buys out actis stake in Mumbai IT park
Tata Realty & Infrastructure on Thursday said it acquired the entire share held by Ukbased PE fund Actis in an IT park called Intellion Square at Goregaon in Mumbai in an allcash deal.
Though Tata Realty & Infrastructure did not disclose the value of the ac- quisition, sources said Actis held a 26 per cent share in the property, which is valued at ~1,200 crore. Actis made three times returns on its investment, they said.
The property was part of a JV between Tata Realty and Actis that invests in and develops new-generation offices in established commercial markets across India’s major cities.
After this transaction, Tata Reality owns 100 per cent in Intellion, an 800,000 sq. ft completed office building leased to marquee tenants, largely from the technology & BFSI sectors, the firm said.
Sanjay Dutt, managing director and chief executive of Tata Realty, said the transaction was a testament to the company’s confidence in the Indian commercial real estate sector. “This deal is in line with our endeavour and expansion strategy for our commercial portfolio.”
Ashish Singh, partner at the Asia Real Estate team at Actis said the joint venture delivered its first successful exit at a time of significant short-term disruption but where strong longterm fundamentals in the Indian office market still exist.