Indiabulls AMC buys 2.35 lakh sq.ft. office space in Gurgaon

Indiabulls Asset Management Company’s private equity arm has acquired an entire commercial building with fully leased 2.35 lakh sq ft office space on NH-8 in Gurgaon from the US-based realty developer Hines India.

The project, Sky View Corporate Park, is a multi-phase development planned on a 21-acre land parcel in the National Capital Region (NCR).

The first phase of the project consists of two commercial buildings of 2.35 lakh sq ft each. Indiabulls AMC has acquired 100% equity in the Special Purpose Vehicle (SPV) owning the commercial building.

Indiabulls has tied up with its co-investor Inter-Globe Real Estate Ventures (IGR), the real estate arm of Inter-Globe Enterprises, for this particular investment. The grade ‘A’ campus-style project has already been leased to a leading information technology (IT) services firm.

Indiabulls Asset Management has acquired the commercial building through its fund Indiabulls Dual Advantage Commercial Assets Fund. This is one of the first transactions involving a domestic fund picking up a pre-leased commercial asset in India.

Indiabulls AMC is planning to deploy more than. ₹1,000 crore in commercial office space over the next 12 months. Launched in 2017, Indiabulls Dual Advantage Commercial Assets Fund is a category-II AIF managed by Indiabulls Asset Management Company, a 100% subsidiary of Indiabulls Housing Finance.

Indiabulls currently manages four AIFs and portfolio management schemes (PMS) in the real estate space across residential and commercial assets.

Source: Economic Times

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