BentallGreenOak has entered into an agreement with Piramal Realty to acquire part of its commercial development Agastya Corporate Park at Kurla, Mumbai in Maharashtra, for more than Rs. 1,000 crore.
The deal marks the foray of BentallGreenOak, which is a part of Canadian financial services firm Sun Life Financial, into India’s real estate investment sector.
The term sheet for the transaction has already been signed and the deal is expected to be concluded by January 2021.
Piramal Agastya, spread over 16 acre on LBS Marg, is one of the country’s largest non-IT commercial developments, with a total project size of nearly two million sq. ft. BentallGreenOak is buying one million sq. ft, which has been completed and substantially leased.