Business

Essar Group: Sells Equinox Business Park to Brookfield

In 2016, Essar had announced it would sell the property to Bengaluru based-realty firm RMZ Corp., but the deal fell through

Essar Group on Tuesday said it has completed the sale of Equinox Business Park, its commercial property in Mumbai’s Bandra-Kurla Complex, to Canada’s Brookfield Asset Management Inc. for Rs2,400 crore.

Equinox Business Park, spread across 10 acres, has four towers with a leasable office space of about 1.25 million sq. ft. Some of its tenants in the park include Tata Communications, Experian, Crompton Greaves and Lafarge.

In 2016, Essar had announced it would sell the property to Bengaluru based-realty firm RMZ Corp., but the deal fell through.

On 12 December, Mint reported Brookfield Asset Management has entered into exclusive talks with Essar Group to acquire the property.

“This is among the largest transactions in India’s commercial real estate sector, and demonstrates the value we have been able to create in our Equinox investment,” Essar Group promoter Anshuman Ruia said in a statement.

In 2006, Essar was a licensee in the park.

The group acquired the entire park between 2008 and 2012.

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