Mumbai: Global alternative investment giant Brookfield Asset Management has further strengthened its footprint in Mumbai’s prime Bandra-Kurla Complex (BKC) with the acquisition of an additional office floor in the commercial tower Godrej BKC for ₹370.2 crore, as reported in ET.

The office space, formerly owned by Jet Airways, was put up for sale by the bankrupt airline’s liquidator. Bank of Baroda initially emerged as the highest bidder, but Brookfield exercised its right of first refusal to match the bid and secure the asset. Godrej BKC was developed jointly by Godrej Properties and Jet Airways.

With this deal, Brookfield’s presence in the 19-storey premium tower now spans around 250,000 sq ft across three contiguous floors, along with exclusive parking rights. The acquisition also grants Brookfield Jet Airways’ seat on the building’s management board, giving it greater say in operational and strategic decisions.

The sale highlights the continued attractiveness of prime BKC office space, despite the asset being sold on an ‘as is where is’ basis. The floor was previously sealed by the Municipal Corporation of Greater Mumbai over unpaid dues and was de-sealed in April following a National Company Law Tribunal directive.

Industry sources claim that several end-user occupiers had expressed interest during the bidding process and are expected to lease the space.

Rental values in BKC have surged nearly 30% over the last three to four years, driven by limited new supply and sustained demand from multinational corporations and financial institutions. At Godrej BKC, rents range between ₹650 and ₹700 per sq ft per month on a carpet area basis, making it one of Mumbai’s costliest office destinations.

Brookfield is not new to the property. In 2020, as part of the same insolvency proceedings, it had acquired two other floors in the building for ₹490 crore. Those floors are fully leased to marquee tenants including the World Bank and PayPal, ensuring steady rental income.

Also Read: Brookfield Properties Secures Renewable Energy from Bikaner Solar Project,

You May Also Like

🏗️ Realty Stocks Open the Week on a Positive Note: DLF, Godrej, and Lodha Lead Early Gains as Mid-Caps Stay Muted

Realty stocks kicked off the week higher with DLF, Godrej, and Lodha leading early gains. Mid-caps faltered on profit-taking as investors await official Diwali booking data to gauge whether the rally can extend through the week.

Indian Real Estate Set for Breakthrough: Projected 16% Annual Growth to Reach $10 Trillion by 2047

A new report by Colliers and CREDAI forecasts that India’s real estate market will grow at an annual rate of 16%, reaching a value of $10 trillion by 2047. Driven by urbanization, demographic shifts, and infrastructure development, this growth will reshape various real estate sectors and create new investment opportunities.

Have A Feedback For MahaRERA, They Are Listening

Read the article to know where and how you can give your…

JLL Facilitates Landmark Student Housing Deal in Mumbai

Mumbai, August 28, 2024 — In a move set to redefine non-campus…