Essar sells Mumbai property for Rs 2400 cr, in biggest deal of 2018

In a big-ticket real estate deal, Essar group has sold prime commercial property Equinox Business Parks at Bandra-Kurla Complex (BKC) in Mumbai to global investment firm Brookfield for Rs 2,400 crore. Essar on Tuesday said it has completed the sale of Equinox Business Parks to Brookfield Asset Management for an enterprise value of Rs 2,400 crore.

This 10-acre business park comprises four towers, with a leasable office space of about 1.25 million square feet. “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,” said Anshuman Ruia of Essar.

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Some of the companies that occupy space in the business park are Tata Communications, Experian, Crompton Greaves and Lafarge, Essar said.

The group would utilise the entire sale proceeds to repay loans. It is reducing debt by monetising non-core assets.