Essar Sells Equinox Business Park in Mumbai for Rs. 2,400 Crore

Essar Group declared the sale of its Equinox Business Park, comprising of 1.25 million sq ft office space, at the prime location of Bandra-Kurla Complex (BKC) in Mumbai to a realty firm RMZ Corp for about Rs. 2,400 cr. This is going to be the biggest office space deal in the country after Godrej Properties sold its 4.35 lakh sq ft commercial space at Bandra-Kurla Complex for Rs. 1,480 cr.

“Essar and RMZ Corp declared the signing of definitive agreement related to the acquisition of Equinox Business Park, a 1.25 million sq ft office space significantly located in Mumbai’s prime CBD at Bandra-Kurla Complex for approx Rs. 2,400 cr,” Essar group said in a statement. Remarking the transaction, Essar’s Anshuman Ruia said the business park is being sold as a part of the strategy to monetise its non-core assets.

Essar’s ED (M&A) Sudip Rungta said that the Equinox Business Park, which is being developed by the Essar group firm Equinox Realty Holding Ltd, has 4 towers, covering almost 1.25 million sq ft of the office space.

“Out of the four towers, three of them are completely leased out, while one tower having about five lakh sq ft of leasable area is under construction and  will be completed soon and is yet to be rented out,” says, Rungta.

The business park houses, some of the major tenants including Acropolis, Nissan Motors, Gilbarco Aegis, Crompton Greaves, and Lafarge, besides the offices of Essar.

“We are confident, with this acquisition we would surely extend our core businesses into the growing markets with a world class development opportunity in the heart of one of Mumbai’s prime regeneration zones,” says Bengaluru based RMZ Corp Corporate VC, Manoj Menda.