[ad_1]
World Bank Member, International Finance Corporation Expanding its presence in India and has acquired over 35,000 sq. ft. of office space Mumbaicentral business district of Bandra-Kurla Complex ,BKC) through long term lease of more than 9 years.
A global conglomerate that undertakes strategic investments and advisory interventions across India has leased front-office space from an entity owned by it. Brookfield Asset Management in commercial Tower Godrej BKC,
As per the terms of the lease, IFC will pay a rent of around Rs 300 per sq ft per month for the office space, taking its total rent to over Rs 135 crore, which includes an increase of 5% every year.
The financial institution has two offices in India, one each at Aerocity in New Delhi and G Block, Bandra-Kurla Complex. Its existing office in BKC is relatively small and after this deal, IFC Godrej will shift to a new larger office in BKC.
“We are looking to increase our footprint and lending in India to $2.5-3 billion over the next two years, investing in new areas including energy transition technology, circular economy, municipal finance and logistics. India’s development goals require massive private funding and innovation, and IFC is committed to delivering this in a big way,” said an IFC spokesperson in response to ET’s email query.
Brookfield confirmed the deal without elaborating on the specifics of the lease.
“We are delighted to welcome IFC, a member of the World Bank Group, to this building, which has become a premier address over the years. With this they will be present in two of our landmark properties in Delhi and Mumbai,” said Managing Director of Brookfield Properties said Alok Agarwal, director and CEO.
Transaction advisor JLL India declined to comment for the story.
Presently, this commercial tower developed by Brookfield owns two floors. Godrej Properties, Brookfield had acquired these floors with a total area of 1.70 lakh sq ft. jet airways in a bid.
Both floors are now fully leased and occupied by Brookfield Group entities, fintech company UB, formerly known as CredAvenue, PayPal and now IFC.
According to industry experts, apart from these floors, Brookfield also has the right of first refusal for another floor spread over 85,000 sq ft in this tower.
IFC aims to promote inclusive growth in South Asia by improving infrastructure and financial services, and supporting the expansion of small businesses.
“India is IFC’s largest portfolio globally, having invested more than $24 billion in more than 500 Indian companies since 1958. With a committed portfolio of $5.4 billion by November 2022, we remain a long-term growth partner for national priority areas, including climate finance. , affordable housing, health care, disruptive technology and entrepreneurship,” the IFC spokesperson said.
In December, IFC lent over $400 million, or over Rs 3,300 crore, to India’s largest private mortgage lender HDFC With an aim to promote green housing in the affordable segment and support the country’s transition towards a more sustainable development path, create jobs and ensure long-term business growth.
Since 2010, IFC has invested more than $1.7 billion in housing finance companies in India for onlending to retail buyers of affordable housing and developers of affordable and green housing.
[ad_2]
Source link