In a major commercial deal, Tata Group's retail arm Trent has acquired five floors of office space in Lodha Group's commercial building Lodha Excelus New Cuffe Parade for a transaction value of Rs 300 crore.
Of the 5 floors, the company, as the first and anchor client, has bought four floors on an outright basis, while one floor has been taken on a long-term lease and the deal is valued at about Rs 300 crore for a total 1.5 lakh sq ft leasable area, Lodha said in a statement issued Wednesday.
"The transaction has been done at a value of around Rs 60 crore per floor, implying a deal value of Rs 300 crore, which makes the building worth Rs 1800 crore. We have just completed the first office building at this project with over 8 lakh sqft of leaseable area and we are starting work on the second office building of about 11 lakh sqft soon," Lodha group Regional CEO Shaishav Dharia said.
He further said the company has a few projects under development which will be completed over the next three years, giving us an annuity business worth over Rs 15,000 crore.
Lodha Excelus at New Cuffe Parade, is a mixed-use development spread over 23 acres and encompassing 10 residential and three commercial towers.
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