Conglomerate Shapoorji Pallonji Group’s investment arm Shapoorji Pallonji Investment Advisors is set to acquire a commercial project Inspire BKC in Mumbai’s business district Bandra-Kurla Complex (BKC) from Adani Realty in a nearly ₹2,000-crore transaction, said two persons familiar with the development.
Shapoorji Pallonji Investment Advisors has already completed the due diligence process for this over 8 lakh sq ft project, and has emerged as the frontrunner from a total seven shortlisted interested entities that are believed to have included US-based private equity major Blackstone Group and an alliance between Qatar Investment Advisors (QIA) and Bengaluru Based realty developer RMZ.
“The due diligence process for the asset has been concluded recently, and currently the final documentation is going on. The deal is expected to be concluded soon as both the parties have frozen the structure of the transaction,” said one of the persons mentioned above.
The project has recently been completed and the developer is in the process of receiving few civic approvals, following which it will be concluded. Adani Realty is also working on closing few leasing transactions here. In one such lease deals, Swiss multinational pharmaceutical major Novartis’ India arm has entered into an agreement to pick up over 1lakh sq ft office space in this commercial project. This was one of the largest front office commercial transactions in terms of space in the country’s financial capital in 2017.