Blackstone

Blackstone plans to buy office space in BKC for more than Rs. 2,000 crore

News

In a recent development, the Blackstone Group has finalized the deal to acquire office space in Mumbai’s Bandra Kurla Complex. This workspace is spread across 700,000 sqft and is valued at Rs. 2,500 crores from the Radius Group. According to the sources, this is the biggest commercial real estate deals till date.

This area is believed to be the plush locale of Bandra Kurla complex, Mumbai.

The sources said that according to the terms of the deal, the builder Radius group will hold 40% of the space in the area that is being sold currently. The company can, however, revoke their decision anytime in the next two years. This buyback process can be completed at the market rate of that particular time, the sources said.

The Radius group will use this money to repay the more than Rs. 1,600 crores it owes to Indiabulls Housing Finance. The company will also pay Rs. 550 crore to the Mumbai Metropolitan Region Development Authority (MMRDA), the special planning authority for BKC. This will be the leftover premium for development rights of the plot.

The final working on the deal is expected to be carried out by the month-end as the buyer has made an advance payment.