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JLL facilitates Piramal Capital & Housing Finance exit Skylark Developers SPV

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The transaction included sale of a prime commercial land parcel on Richmond Road in Bengaluru’s CBD to SNC Private Limited, a construction sector major in the city

· Bought at an undisclosed amount, SNC plans to develop premium commercial space on the property

· The transaction marks the exit of Piramal’s Indiareit Fund V from its investment in Rida Builders and Promoters – an SPV of Bengaluru based Skylark Developers

JLL India, the country’s largest real estate consultancy and professional services firm, has facilitated the exit of Piramal’s Indiareit Fund V’s investment in an SPV of Skylark Developers, which held the prime commercial land located in the central business district (CBD) on Richmond Road, Bengaluru. The new owner, SNC Private Limited plans to invest over INR 100 crores to develop a world class office space on the land, the release said. 

Commenting on the development, Rahul Arora – Managing Director, Bengaluru at JLL said, “The CBD of Bengaluru continues to be highly vibrant in terms of commercial potential. Commercial space absorption in the CBD as well as the broader Bengaluru market has scaled new records in the recent past. There has been a rise in investor interest in acquiring prime commercial land parcels and this development is significant. In line with our core objectives of serving our valued clients, we are pleased to have advised on this asset sale.” 

Located in the CBD, the sale of the land on Richmond Road will enable the development of an investment grade commercial project contributing to the restricted supply in the highly sought after office market. The vacancy levels in CBD have remained <6% due to which the rentals in CBD have moved up significantly in the last couple of years. Currently rent for grade-A space ranges between INR 150 – 175 per sq ft per month and the land values vary between INR 25,000 – 50,000 per sq ft. 

JLL’s Capital Markets Group was the sole transaction advisor and facilitated end-to-end consulting services as well as managing the entire transaction for both the parties. 

About JLL India

JLL is India’s premier and largest professional services firm specialising in real estate. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi and Coimbatore) and over 130 tier II & III markets with a cumulative strength of close to 12,000 professionals. 

The Firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services. This includes leasing, capital markets, research & advisory, transaction management, project development, facility management and property & asset management. These services cover various asset classes such as commercial, residential, industrial, retail, warehouse and logistics, hospitality, healthcare, senior living, data centre and education.

JLL India won the Five Star Award for ‘Best Property Consultancy at the International Property Awards Asia Pacific 2018 -19. The Firm was also recognised amongst the ‘Top 100 Best Places to Work in India’ three years in a row (2017, 2018 and 2019) in the annual survey conducted by Great Place to Work® and The Economic Times. It has also been acknowledged as ‘Property Consultant of the Decade’ at the 10th CNBC-Awaaz Real Estate Awards 2015.

ALSO READ: JLL facilitates sale of prime land parcel in Pune for Rs 170 crore

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