A real estate investment firm subsidiary has entered a multifaceted transaction with promoter group companies BSS Property Ventures and Rajeshwar Property Ventures, according to sources with direct knowledge of the development.

The deal will allow the firm to expand its commercial real estate portfolio in India, which currently stands at 55 million sq ft, including around 9 million sq ft in the country’s financial capital. The transaction includes two principal components: the acquisition of majority shareholding in Special Purpose Vehicles (SPVs) that have entered into an agreement to gain control of around 6 acres of prime land in Mumbai’s Powai locality. The deal also includes a permissible floor space index (FSI) of more than 1 lakh sq ft in favor of the SPVs. The firm has already invested over Rs 600 crore and is expected to invest more to build grade-A office properties.

Landowner Bhawanishankar Sharma has registered two separate agreements for sale of land and the free-sale component with his two SPVs—BSS Property and Rajeshwar Property. The firm has been expanding its commercial real estate portfolio in Mumbai. In January, it signed a pact with the MMRDA to invest $12 billion in various infrastructure projects across the Mumbai Metropolitan Region. In February, it emerged as the sole bidder for a plot in the Bandra-Kurla Complex (BKC) during an MMRDA auction. It also recently acquired an 8% stake in Nirlon Ltd, owner of Nirlon Knowledge Park, further solidifying its presence in the city’s office space market.

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