An investment trust has signed binding agreements to acquire a 50% stake in four Grade-A commercial real estate assets owned by a large business conglomerate.
The acquisition covers commercial properties totaling 3.3 million sq. ft. at an enterprise value of ?60,000 crore. The total equity consideration for the 50% stake will be fulfilled through a preferential allotment of units in the investment trust to the conglomerate at ?300 per unit.
Following the transaction, the conglomerate will become the second-largest unitholder in the trust with an ownership stake of 8.53%. The portfolio of assets includes: a mixed-use property spanning 1.4 million sq. ft., a corporate facility of 700,000 sq. ft. in North Gurugram, and another mixed-use asset covering 700,000 sq. ft.
Financial advisory and legal services for the transaction were provided by leading advisory and legal firms.
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