JSW Infrastructure buys Rs 88-crore office space in Navi Mumbai’s Nerul, ET RealEstate
JSW Infrastructure has acquired an office space in Navi Mumbai’s Nerul from Larsen & Toubro’s real estate development arm L&T Realty for Rs 88 crore.
The office space spread over a total 11 units across three wings of one of the towers of commercial complex L&T Seawoods Grand Central has a total carpet area of over 52,690 sq ft.
The transaction assumes significance in the backdrop of ongoing trend of leasing office space as against buying it on an outright basis.
As part of the deal, the company will also get exclusive access to over 52 car parking slots in the tower. JSW Infrastructure has paid stamp duty worth Rs 5.29 crore for the registration of the deal that took place on July 16, showed the documents accessed through Propstack.
JSW Group and L&T Realty declined to comment for the story.
On Thursday, JSW Infrastructure reported an 8% on-year decline in its consolidated net profit for the quarter ended June at Rs 296.55 crore. Total revenue of India’s second-largest private port operator in terms of cargo handled rose 20% from a year ago to Rs 1,104 crore.
The company, through its wholly owned subsidiary JSW Port Logistics, has agreed to acquire 70.37% shareholding held by promoters and promoter group entities in Navkar Corporation at an enterprise valuation of Rs 1,644 crore. This transaction is expected to be closed by the third quarter of this financial year.
