Essar completed the sale of Equinox Business Parks, its commercial property in Mumbai’s Bandra-Kurla Complex, to Brookfield Asset Management, a leading global asset manager, for an enterprise value of USD 3.17 billion, on 24 April, 2018.
Located in Mumbai’s prime CBD and spread across nearly 10 acres, Equinox Business Park comprised of four towers, with a leasable office space of about 1.25 million sq ft. 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.
This was among the largest transactions in India’s commercial real estate sector, and demonstrated the value Essar was able to create through the Equinox investment. The transaction paved the way for significant capital into the facility, introduction of more F&B and modern amenities, and establishing Equinox as a high-quality office destination.”