ADIA, Blackstone group compete for 1,600 cr Adani biz park in Mumbai
Abu Dhabi Investment Corporation (ADIA) along with Shapoorji Pallonji group is competing with Blackstone Group for acquiring Adani Realty’s first business park located near Bandra Kurla Complex (BKC) in Mumbai. The deal is estimated at more than Rs 1,600 crore (around $250 million).
Adani has sought bidders for its 8-lakh-sqft commercial office space Inspire BKC, which is in the midst of finalizing tenants like Novartis. Adani is expecting a value of Rs 23,000 per sq ft but, the bidders have indicated preliminary offers ranging from Rs 18,000 to Rs 20,000 per sq ft. Bengaluru based RMZ, which is backed by Qatar Investment Authority, showing its initial interest, has also approached Adani.
Global real estate consultancy CBRE has advised Adani on the bidding process. An Adani Realty official said media that the company was currently focused on getting the occupation certificate from local authorities and the sale process would progress thereafter.
Adani is yet to close the tenancy deals, including the one with pharma major Novartis, which is expected to lease around 1-lakh-sqft space in the project at Rs 180-190 per sq ft.
ADIA is mulling a joint bid with Shapoorji Pallonji for the asset, though a final decision will be taken only after Adani gets the formal regulatory clearances. Blackstone, the most prolific acquirer of Indian office real estate, has also held talks for a possible acquisition as it looks to augment its portfolio in and around BKC.