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Blackstone Seals The Deal To Acquire One BKC

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Blackstone Seals The Deal To Acquire One BKC

Blackstone Group acquires Bandra Kurla Complex which is considered as the largest commercial real estate deal of the year so far

US-based private equity firm Blackstone Group has acquired Mumbai’s Bandra Kurla Complex (BKC) for Rs 2,500 crore according to sources aware of the matter.

One BKC is spread across 700,000 sq. ft. and was developed and owned by Mumbai-based real estate firm Radius Developers. An eight-storeyed building, One BKC has tenants that include Bank of America, Facebook, Merril Lynch, Cisco and Amazon.

One BKC is a grade A building in Mumbai and no other building houses a large number of multinational companies with 100 percent occupancy rate.

Property advisory firm ANAROCK Property Consultants acted as adviser to the deal. Also, Blackstone has elaborate plans to buy Adani Realty’s commercial project, Inspire. The project spans across 800,000 sq. ft. and the deal might be fixed around Rs 1,900 crore in the same area.

Radius developers had taken a loan of Rs 1,600 crore from Indiabulls to develop Bandra Kurla Complex. This Blackstone-One BKC deal will result in Indiabulls Housing Finance exiting the project.

Blackstone has been aggressively adding projects to its portfolio by buying commercial projects in India. Blackstone Group has invested $5.4 billion across 33 investments in India’s real estate sector. $4 billion is invested in office assets alone.

In March this year, Blackstone-backed Embassy group launched India’s first real estate investment trust (REIT) worth around Rs 4,750 crores.

In 2018, Blackstone had inked agreements with Indiabulls Real Estate Ltd. In the last one year alone, Blackstone Group ended up buying 50 percent stake in One Indiabulls Centre and Indiabulls Finance Centre for $730 million. It also acquired the Mumbai-based firm’s Chennai commercial asset for Rs 900 crore.

There is a growing demand for commercial office spaces in India and office rents in Mumbai and Bengaluru saw an increase of 5 percent and 17 percent year-on-year respectively in the first half of this calendar year.

Source: Livemint

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