Tata Realty buys 100% equity share of Actis in Intellion Square

03 Sep 2021 CW Team

Tata Realty & Infrastructure (TRIL) has obtained the entire equity share of Actis TREIT Holdings Number 2, based in Singapore and 416 Listed NCDs held by Actis TREIT Holdings No. 1 also based in Singapore in TRIL IT4 in an all-cash deal. It is now called Intellion Square, located in Mumbai.

A securities purchase agreement was made between all the parties. TRIL IT4 is part of the joint venture between Tata Realty and Actis. It develops and invests in new generation offices in established commercial markets across major cities of India.

Currently, TRIL owns 100% stake in TRIL IT4 after the transaction, owning and operating an IT building in Malad. TRIL IT4 is a completed IT building that is 0.8 million sq ft, rented out to tenants mainly from the technology & BFSI sectors, and it claims to have an occupancy of around 90%.

MD & CEO of TRIL, Sanjay Dutt, told the media that the deal is in line with their endeavour and expansion strategy for their commercial portfolio, and TRIL has demonstrated its capability to create shareholder value for pre-eminent investors partners with this successful exit.

This is the second office exit transaction Actis has made during the Covid-19 pandemic. Actis has completed another exit in Seoul, Korea, the previous year.

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