Essar sells Equinox Business Parks to Brookfield for Rs 2,400 crore
24 April 2018
Essar Group has sold Equinox Business Parks, its commercial property in Mumbai’s Bandra-Kurla Complex, to global asset manager Brookfield Asset Management for an enterprise value of Rs2,400 crore.
Spread across nearly 10 acres, Equinox Business Park comprises four towers, with a leasable office space of about 1.25 million sq ft.
“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," Anshuman Ruia, Essar, said.
In 2006, Essar was a licensee in the Park. Later, realising the potential of BKC in the commercial real estate space, it acquired the towers and ultimately the entire Park in the period between 2008 and 2012. Over time, Essar developed the Park as among the few corporate parks in Mumbai with campus-like facilities.
These facilities include a commerce centre, club house, food court, cafeteria, banquet hall and parking. Some of the companies that occupy space in the park are Tata Communications, Experian, Crompton Greaves and Lafarge.
“It has been a pleasure working with the Essar Group to complete this transaction. We are excited to bring Brookfield’s place-making 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," Ankur Gupta, Brookfield’s Real Estate Head (India), said.
Brookfield Asset Management is a global alternative asset manager with about $285 billion of assets under management.