Tatas buy out Actis stake in Mumbai building owner – Times of India
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MUMBAI: Tata Sons has bought out the stake held by financial investor Actis in Tril IT4, the owner of an 8-lakh-sqft commercial building in Mumbai. Actis’s 26% stake in Tril IT4 was bought by Tata Sons’s wholly owned arm Tata Realty and Infrastructure.
Tata Realty and Actis didn’t reveal the size of the “cash deal”, but said the exit offered “excellent” returns to the London-based private equity fund. Before the transaction, Tata Realty held 74% in Tril IT4 (formerly Albrecht Builder), which was established in December 2014. In fiscal 2021, Tata Realty’s share of profit in Tril IT4 was Rs 17 crore.
Tata Realty and Actis, however, continue to be partners in two other commercial properties in India — Intellion Park in Gurugram, and Intellion Park in Navi Mumbai. Actis owns 26% in each of the office buildings, with Tata Realty owning the balance.
Last fiscal, Tata Realty received a capital infusion of Rs 1,200 crore from Tata Sons. The realty and infrastructure company, spearheaded by Sanjay Dutt, posted a loss of Rs 96 crore on a turnover of Rs 125 crore in 2020-21. Set up on March 2, 2007, Tata Realty’s assets stood at Rs 6,679 crore last fiscal, while liabilities were Rs 3,634 crore.
Tril IT4 is located in Mumbai’s suburb Malad and has been leased to technology and BFSI (banking, financial services & insurance) tenants. Interestingly, despite the impact of the pandemic, IT4 “has seen not only new tenants making long-term commitments to the property, but also existing tenants extending their leases, with a healthy and stable occupancy at around 90%”, Tata Realty said.
Tata Realty and Actis didn’t reveal the size of the “cash deal”, but said the exit offered “excellent” returns to the London-based private equity fund. Before the transaction, Tata Realty held 74% in Tril IT4 (formerly Albrecht Builder), which was established in December 2014. In fiscal 2021, Tata Realty’s share of profit in Tril IT4 was Rs 17 crore.
Tata Realty and Actis, however, continue to be partners in two other commercial properties in India — Intellion Park in Gurugram, and Intellion Park in Navi Mumbai. Actis owns 26% in each of the office buildings, with Tata Realty owning the balance.
Last fiscal, Tata Realty received a capital infusion of Rs 1,200 crore from Tata Sons. The realty and infrastructure company, spearheaded by Sanjay Dutt, posted a loss of Rs 96 crore on a turnover of Rs 125 crore in 2020-21. Set up on March 2, 2007, Tata Realty’s assets stood at Rs 6,679 crore last fiscal, while liabilities were Rs 3,634 crore.
Tril IT4 is located in Mumbai’s suburb Malad and has been leased to technology and BFSI (banking, financial services & insurance) tenants. Interestingly, despite the impact of the pandemic, IT4 “has seen not only new tenants making long-term commitments to the property, but also existing tenants extending their leases, with a healthy and stable occupancy at around 90%”, Tata Realty said.
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