Essar group said that realty firm RMZ Corp will take over its 1.25 million sq ft Equinox Business Park at Bandra Kurla Complex (BKC) in Mumbai, almost a year after the company sold this commercial asset for about Rs. 2,400 crore.
The park is being renamed as RMZ Equinox Business Park.
In one of the largest office space deals, Essar had last year sold Equinox Business Park to Bengalurus RMZ Corp for about Rs. 2,400 crore.
“RMZ Corp is going to take over the 1.25 million sq ft Equinox Business Park that is located in Mumbais prime CBD at Bandra Kurla Complex and was until now operated by Equinox Realty, the realty arm of Essar. The park is being renamed as RMZ Equinox Business Park,” Essar group said in a statement.
Commenting on the transaction, Sudip Rungta, Executive Director (M&A) of Essar, said: “Equinox Business Park is a true reflection of Essar’s track record of developing world-class assets.”
Manoj Menda, Corporate Chairman, RMZ Corp said the company has enhanced its portfolio in Mumbai with the acquisition of this accretive asset that consolidates its position as a leading operator of office parks in India.
“The location and specification of these properties will further strengthen RMZs market position in Mumbai and enhance its operational efficiency. Our objective is to add value to the assets through development and refurbishment, and to invest in economically strong locations that offer an opportunity for value appreciation,” he said.
RMZ has 20 million sq ft of core assets, which is valued at USD 4 billion, under management. It is marching towards achieving a five-year growth plan of 80 million sq ft, which will be anchored by Qatar Investment Authority.
Essar had sold this business park as part of its strategy to monetise non-core assets and deleverage balance sheet.