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BKC complex sold for Rs 2,400 crore in biggest deal of 2018

The property, located in BKC and spread across nearly 10 acres, comprises of four towers, with a leasable office space of about 1.25 million sqft.

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BKC complex sold for Rs 2,400 crore in biggest deal of 2018
Equinox Business Park
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The biggest commercial real estate sale so far this year was made on Tuesday. A total of 1.25 million sqft office space in Bandra Kurla Complex was sold for Rs 2,400 crore. The property belonging to Essar, named Equinox Business Parks, was sold to Brookfield Asset Management, a leading asset manager. Housing experts say that commercial real estate is doing good and that this is one of the biggest deals in the commercial sector.

The property, located in BKC and spread across nearly 10 acres, comprises of four towers, with a leasable office space of about 1.25 million sqft. Before Esssar came into the picture, the buildings belonged to Swan/Peninsula Land.

Till 2006, Essar was a licensee in the Park. Later, it acquired the towers and ultimately the entire Park in the period between 2008 and 2012. Anshuman Ruia, president of the Essar Power Ltd, said, "I am happy that we have been able to conclude a marquee deal with a quality investor, Brookfield, who has an enviable track record of highly strategic and well-considered acquisitions. This is among the largest transactions in India's commercial real estate sector, and demonstrates the value we have been able to create in our Equinox investment."

According to real estate experts, the deal was finalised earlier this year but was concluded on Tuesday.

The park boasts of facilities by Essar, which include a Commerce Centre, a club house, food court, cafeteria, banquet hall and parking. Some of the companies that occupy spaces in the Park are Tata Communications, Experian, Crompton Greaves and Lafarge. Ankur Gupta, Brookfield's Real Estate Head (India), said. "We are excited to bring Brookfield's placemaking capabilities to Mumbai's main business district. We will invest significant capital, introduce more F&B and modern amenities, and establish Equinox as a high-quality office destination."

Pankaj Kapoor, Managing Director, Liases Foras, a real estate research firm said, "The commercial market is better in several aspects. Apart from this, BKC still remains a very attractive space and it is doing good. This will be one of the biggest real estate deals if not the biggest. Companies like Brookfield and Blackstone are putting in money in the market."

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