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Piramal’s Indiareit Fund V’s investment has exited from the special purpose vehicle (SPV) of Skylark Developers, which held prime commercial land located in the central business district (CBD) of Bengaluru.
The new owner SNC Private Limited plans to invest over ₹100 crore to develop office space on the land.
The property located on Richmond Road is expected to enable the development of an investment grade commercial project contributing to the restricted supply in the highly sought after office market.
JLL India, real estate consultancy and professional services firm, has facilitated the exit of Piramal’s Indiareit Fund V. 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.
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.”
The vacancy levels in CBD have remained at less than 6 per cent 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 ₹150-175 per square feet per month and the land values vary between ₹25,000-50,000 per square feet.
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