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Tata's Trent buys 1.5 lakh sq ft space in Lodha's project

Press Trust of India  |  Mumbai 

In a major commercial deal, Tata Group's has acquired five floors of office space in Group's commercial building Excelus New 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, 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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 16 2019. 19:35 IST