News: Tata Realty acquires entire equity stake held by Actis in Intellion Square-02-09-2021
Post the transaction, TRIL now owns 100% stake in TRIL IT4, which owns and operates an I.T. building, located in Malad.
NEW DELHI: Tata Realty & Infrastructure (TRIL) has acquired entire equity share held by Actis TREIT Holdings No. 2 (Singapore) and 416 Listed NCDs held by Actis TREIT Holdings No. 1 (Singapore) in TRIL IT4 now called Intellion Square situated in Mumbai in an all cash deal, the company said in a media release. A securities purchase agreement was executed between all the parties. TRIL IT4 is part of a joint venture between Tata Realty and Actis that invests in and develops new generation offices in established commercial markets across India’s major cities. Post the transaction, TRIL now owns 100% stake in TRIL IT4, which owns and operates an I.T. building, located in Malad. TRIL IT4 is a roughly 0.8 million sq ft completed I.T. building leased to tenants largely from the technology & BFSI sectors. IT4 claims to have an occupancy of about 90%. Sanjay Dutt, MD & CEO, TRIL said, "This deal is in line with our endeavour and expansion strategy for our commercial portfolio.With this successful exit, TRIL has demonstrated its capability to create shareholder value for pre-eminent investor partners." The transaction is the second office exit by Actis during the Covid-19 pandemic. Actis had completed another exit last year in Seoul, Korea.
