Mumbai, 24 April 2018: Essar today announced that it has 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 Rs 2,400 crore.
Located in Mumbai’s prime CBD and spread across nearly 10 acres, Equinox Business Park comprises 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.
Speaking on the transaction, Mr Anshuman Ruia, Essar, 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.”
Mr Ankur Gupta, Brookfield’s Real Estate Head (India), said: “It has been a pleasure working with the Essar Group to complete this transaction. 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.”
Essar is a global investor, controlling a number of world-class assets diversified across the core sectors of Metals & Mining, Energy, Infrastructure (comprising Ports and EPC businesses) and Services (Shipping, IT and Retail businesses). Essar invests long-term capital into the portfolio companies, with a sense of active ownership, which involves direct engagement with the management of the respective businesses. The portfolio companies have aggregate revenues of about US$15 billion (estimated for the financial year ending 31 March 2018) and employ over 8,000 people.
About Brookfield Asset Management
Brookfield Asset Management Inc. is a leading global alternative asset manager with approximately US$285 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity.
Manish Kedia, Senior Vice President – Corporate Affairs, Essar
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