In­di­a­b­ulls buys of­fice from Hines

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Mad­hurima Nandy mad­hurima.n@livemint.com

In­di­a­b­ulls Dual Ad­van­tage Com­mer­cial As­sets Fund has bought a com­mer­cial of­fice tower in Gurugram from real es­tate firm Hines In­dia Ltd, mark­ing the first trans­ac­tion from its new of­fice fund, the com­pany said.

In­di­a­b­ulls did not dis­close the deal amount, but two peo­ple fa­mil­iar with the trans­ac­tion, who did not wish to be named, said the trans­ac­tion is val­ued at around Rs200 crore.

In­dia bulls has part­nered with co-in­vestor In­terGlobe Real Es­tate Ven­tures Pvt. Ltd (IGR), the real es­tate arm of In­terGlobe En­ter­prises Pvt. Ltd for this ac­qui­si­tion. In­ter Globe Avi­a­tion Ltd, which runs In di Go, is part of In­terGlobe En­ter­prises.

In­di­a­b­ulls Dual Ad­van­tage Com­mer­cial As­sets Fund is an al­ter­na­tive in­vest­ment fund that was launched by In­dia bulls As­set Man­age­ment Co. Ltd in 2017 to raise around Rs1,500 crore, in­clud­ing Rs 500 cr ore from co- in­vestors.

The fund will in­vest in buy­ing out of­fice prop­er­ties that gen­er­ate reg­u­lar sta­ble rental in­come, with cap­i­tal ap­pre­ci­a­tion on ex­its.

The 240,000 sq. ft of­fice build­ing in Sky View Cor­po­rate Park, is part of a pro­ject that has been de­vel­oped by Hines on a 21-acre site.

The first phase of the pro­ject has two build­ings—one of which has been ac­quired by In­di­a­b­ulls and In­terGlobe Real Es­tate Ven­tures.

The In­di­a­b­ulls com­mer­cial fund along with co-in­vestor In­terGlobe has ac­quired 100% eq­uity in the spe­cial pur­pose ve­hi­cle that owns the com­mer­cial build­ing that is fully leased out to a sin­gle ten­ant.

Over the next year or so, Indi- a bull sAM C is plan­ning to de­ploy more than Rs1,000 crore in com­mer­cial of­fice space.

“This is our first in­vest­ment in the com­mer­cial of­fice space and we are ex­tremely keen and fo­cused on this space and plan to con­clude more such deals over the next six months ,” said Am bar Ma­hesh­wari, CEO (pri­vate eq­uity), In­di­a­b­ulls AMC.

A Hines rep­re­sen­ta­tive con­firmed the sale of Hines’ s as­set in Skyview Cor­po­rate Park is un­der­way.

Hines In­dia is part of Hines, an in­ter­na­tional real es­tate in­vest­ment and man­age­ment firm with $100 bil­lion of as­sets un­der man­age­ment.

An In­terGlobe Real Es­tate spokesper­son con­firmed the firm’s par­tic­i­pa­tion in the in­vest­ment to buy Skyview Tow­ers with In­di­a­b­ulls.

I GR, a new busi­ness ven­ture of In­terGlobe En­ter­prises, started op­er­a­tions from 2017. Cur­rently the busi­ness man­ages the real es­tate port­fo­lio and funds of the com­pany and by par­tic­i­pat­ing in a com­bi­na­tion of green­field, brown field and ready as­sets panIn­dia, I GR in­tends to cre­ate a real es­tate port­fo­lio of qual­ity yield­ing as­sets.

Even as In­dia’ s res­i­den­tial real es­tate busi­ness con­tin­ues to reel un­der a pro­longed slow­down, in­vestors have been buy­ing of­fice as­sets ag­gres­sively.

Ear­lier this week, Mint re­ported that Xan­der Group Inc. has bought an of­fice build­ing of around 250,000 sq. ft at Em­bassy Golf Links Busi­ness Park in Ben­galuru for Rs 350 crore from the San­jay Gho­dawat Group.

In Jan­uary, In­di­a­b­ulls Real Es­tate, the prop­erty devel­op­ment arm of the In­dia bulls Group, said it will ac­quire a com­pleted of­fice build­ing in Gurugram with a leasable area of 250,000 sq. ft through its sub­sidiary Yashita Build­con.

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