01/10/2015 11:57 AM IST | Updated 15/07/2016 8:25 AM IST

Abbot India Buys Office Space In Mumbai For Rs 1,479 Crore In Country's Largest Commercial Real Estate Deal

In what is being termed as India's biggest property deal, one of the largest pharmaceutical companies, Abbot India Ltd, has bought an office space in Godrej Bandra-Kurla Complex (BKC), Mumbai for Rs 1,479 crore, according to media reports.

The news was made official after Godrej Properties on Wednesday announced in a report to the Bombay Stock Exchange (BSE), that it had entered into a transaction for selling 4.35 lakh square feet of saleable area at its commercial project, Godrej BKC, to a single user "for a total consideration of Rs 1,479 crore". It did not name Abbott India in the report, observed Mumbai Mirror.

Abbot India, in a separate statement, had announced that they were planning to invest in a new corporate office at the Godrej BKC because they wanted to consolidate existing offices and bring them together at a single location.

“We are very happy to have successfully concluded this large and strategically important deal at our project Godrej BKC,” Pirojsha Godrej, managing director and chief executive officer, Godrej Properties, told Mint.

The office space bought by Abbot India, has 4,35,000 square feet area and is being developed by Godrej Properties, in partnership with Jet Airways (India). The entire complex, which is still under construction and is expected to be ready for occupancy by mid-2016, has a total saleable area of 1.3 million square feet. The plot had been originally acquired by Jet Airways from the MMRDA in a public auction, for Rs 399 crore, in 2006.

Reportedly, Cushman and Wakefield, a global real estate consultancy, was the advisor to the deal.

Earlier in September, two of India's biggest businessmen Cyrus Poonawala and Kumar Mangalam Birla purchased residential properties in Mumbai for Rs 750 crore and Rs 425 crore respectively, in what were at the time, the largest property deals in the segment.

Also Read: Cyrus Poonawala Buys India's Costliest House At Rs 750 Crore

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