Mumbai’s real estate market has witnessed another gigantic deal as the Brookfield Asset Management a Canada-based company buys Mars Enterprises situated on the Sahar Road in Andheri East.
Sanjay Narang, the owner of this property was looking to sell the asset from past seven, eight years and finalized the deal for worth Rs. 750 crores. The property covers 9.67 acres and is equal to 100 room hotel. He also owns premium restaurants like the Pizza by the Bay, Eat Around the Corner and also luxury hotels like the Gordon House and Rokeby Manor in the Mumbai city.
Brookfield signed a Memorandum of Understanding i.e. MoU to purchase this asset. Waterstones Hotel, is a 5-star boutique hotel and a club is located partially on the asset.
Brookfield is in collaboration with rapid commercial real estate and aims to construct premium office space on this property. The Canada-based company has paid the token amount, the sources said.
The company has made its presence felt outside Canada and has gained a fair reputation in the Indian commercial real estate market. Brookfield has already developed office space of approximately 25 million sq feet in the past six months in India that is valued at 3.5 billion dollars.