Tata Realty & Infrastructure Ltd (TRIL) has acquired entire equity share held by private equity firm Actis in Intellion Square, Mumbai, in an all cash deal, the company said in a statement on Thursday.
The project is part of a joint venture between Tata Realty and Actis that invests in and develops new generation offices in established commercial markets across India’s major cities.
Post the transaction, TRIL now owns 100 per cent stake in the special purpose vehicle - TRIL IT4 Private Limited - which owns and operates an I.T. building located in the established micro market of Malad, Mumbai.
TRIL IT4 is a 0.8 million sq. ft. completed I.T. building leased to marquee tenants, largely from the technology & BFSI sectors.
“We remain steadfast in our commitment to strengthen our commercial portfolio.
This transaction is a testament to our confidence in the Indian commercial real estate sector. This deal is in line with our endeavour and expansion strategy for our commercial portfolio,” said Sanjay Dutt, managing director and chief executive officer, TRIL.
He added that TRIL & Actis have a long-standing platform level partnership with investments across multiple assets and it has been a mutually enriching experience.
The statement said that the transaction is the second office exit by Actis during the Covid-19 pandemic, following in the footsteps of another successful exit Actis completed last year during the peak of the pandemic in Seoul, Korea.
“Both the exits have delivered strong returns and enforce Actis’ strategy of working with high quality partners, in bringing new generation office assets at competitive prices to its markets,” it said.
“Actis’ joint venture with Tata Realty has delivered its first successful exit at a time of significant short term disruption but where strong long term fundamentals in the Indian office market still exist.
With the right partner quality and strategy in the mix, supported by our active asset management approach, we look forward to further successes in our joint venture,” said Ashish Singh, partner, Asia Real Estate team, Actis.