Tata Realty buys out Actis in Mumbai IT park for undisclosed sum

It's an all-cash deal; sources said Actis held 26% share in the property whose value is about Rs 1,200 crore

Tata Realty & Infrastructure (TRIL) today said it has acquired the entire share held by UK based PE fund Actis in an IT park called Intellion Square, in Goregaon area of Mumbai in an all cash deal.

Though TRIL did not disclose the value of acquisition, soures said Actis held 26 per cent share in the property, whose value is around Rs 1,200 crore, adding that Actis made three times returns on its investment.

The property was part of a joint venture between Tata Realty and Actis that invests in and develops new generation offices in established commercial markets across India’s major cities.

Post the transaction, TRIL now owns 100 per cent stake in Intellion, which is a 0.8 million sq ft completed IT building leased to marquee tenants, largely from the technology & BFSI sectors, TRIL said in a release.

Sanjay Dutt, MD & CEO, TRIL said, “We remain steadfast in our commitment to strengthen our commercial portfolio. This transaction is a testament to our confidence in the Indian commercial real estate sector. This deal is in line with our endeavour and expansion strategy for our commercial portfolio.”

Ashish Singh, Partner in the Asia Real Estate team at Actis said, “Actis’ joint venture with Tata Realty has delivered its first successful exit at a time of significant short term disruption but where strong long term fundamentals in the Indian office market still exist. With the right partner quality and strategy in the mix, supported by our active asset management approach, we look forward to further successes in our joint venture.”