JLL facilitates Piramal Capital & Housing Finance exit Skylark Developers SPV
JLL India, the country’s largest real estate consultancy and professional services firm, has facilitated the exit of Piramal’s Indiareit Fund V’s investment in an SPV of Skylark Developers, which held the prime commercial land located in the central business district (CBD) on Richmond Road, Bengaluru. The new owner, SNC Private Limited plans to invest over INR 100 crores to develop a world class office space on the land, the release said.
Commenting on the development, Rahul Arora – Managing Director, Bengaluru at JLL said, “The CBD of Bengaluru continues to be highly vibrant in terms of commercial potential. Commercial space absorption in the CBD as well as the broader Bengaluru market has scaled new records in the recent past. There has been a rise in investor interest in acquiring prime commercial land parcels and this development is significant. In line with our core objectives of serving our valued clients, we are pleased to have advised on this asset sale.”
Located in the CBD, the sale of the land on Richmond Road will enable the development of an investment grade commercial project contributing to the restricted supply in the highly sought after office market. The vacancy levels in CBD have remained <6% due to which the rentals in CBD have moved up significantly in the last couple of years. Currently rent for grade-A space ranges between INR 150 – 175 per sq ft per month and the land values vary between INR 25,000 – 50,000 per sq ft.
JLL’s Capital Markets Group was the sole transaction advisor and facilitated end-to-end consulting services as well as managing the entire transaction for both the parties.