Private Equity

Liquidity Events

Tata Realty buys out Actis' 26% stake in project Intellion Square in Mumbai

Economic Times  

Realty developer Tata Realty & Infrastructure Ltd (TRIL) has bought out the entire equity stake held by global investor Actis' affiliate Actis TREIT Holdings No. 2 (Singapore) in its commercial project Intellion Square in Goregaon suburb of Mumbai in an all-cash deal. In addition to equity stake, the developer has also acquired 416 listed non-convertible debentures (NCDs) held by Actis TREIT Holdings No. 1 (Singapore) in the project that was earlier known as TRIL IT4. The deal for the 26% equity stake has pushed the project's valuation to around INR 1,200 crore. The project was part of a joint venture between Tata Realty and Actis that invests in and develops new generation offices in established commercial markets across cities. TRIL now owns 100% stake in the project, which owns and operates an information technology (IT) building, located in the micro market of Mumbai's Malad suburb. It is an 0.8 million sq ft completed building leased to tenants, largely from the technology and banking, financial services and insurance (BFSI) sectors.