Salarpuria Sattva has closed a deal with Alexandria Real Estate Equities (ARRE), a New York based world’s largest office builder of science and technology campuses, by buying a six-acre plot at the discounted price of Rs 75 crore in Bengaluru’s IT hub.
ARRE is striving to consolidate its operation in India and has also separately sold its Alexandria Knowledge Park at Genome Valley in Hyderabad for Rs 400 crore to Cerestra Advisors. The park has a total built-up potential of 2.5 million sq. ft. including a leased office space of 500,000 sq. ft. with tenants like Novartis, Lonza and AMRI.
Reportedly in August, Salarpuria Sattva in a joint venture with Apollo Asia RE Singapore acquired all stakes of value Rs 275 crore from a group of offshore investors in two real estate residential projects based out of Bengaluru and Vadodara respectively.
The Bengaluru-based property developer also collaborated with Blackstone to build an IT park of size seven million sq ft in Hyderabad.
Source: ET Realty