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L&T Metro Rail, a subsidiary of infrastructure major Larsen & Toubro (Hyderabad) has entered into an agreement with brookfield Group to transfer about 15 acres of land parcel in Hyderabad Information Technology and Engineering Consultancy City (Hi-Tech City) for the global institutional investor, said two people with direct knowledge of the development.
The land parcel will be transferred through a lease of about 50 years for a total deal value of around Rs 1,020 crore.
“The Memorandum of Understanding (MoU) was recently signed and includes a 12-storey commercial The tower which was built recently. The land is located opposite IKEA’s store in Hyderabad,” said one of the people mentioned above.
The land parcel, including the finished commercial tower, will be added to Brookfield Group’s larger portfolio in India, which includes 50 million square feet of office space across six cities. It also owns Leela Hotels and Palaces. In total, Brookfield Asset Management has more than $22 billion in assets under management in real estate, infrastructure, renewables and private equity in the country.
ET’s separate email queries to L&T Group and Brookfield remained unanswered till press time.
In September 2010, through a concession agreement with the then Government of Andhra Pradesh, L&T Metro Rail (Hyderabad) was appointed to implement the project on a design, build, finance, operate and transfer (DBFOT) basis.
The second person quoted above said, “L&T wants to monetize more land parcels around the metro project to make it more financially viable.”
L&T achieved financial closure for the project in March 2011, within six months of signing the agreement. A consortium of 10 banks led by state Bank of India The entire loan requirement of the project has been approved. This is the largest fund tie-up in India for a non-power infrastructure public-private partnership (PPP) project.
One of the persons quoted above said, “L&T is looking to reduce the debt incurred on the Hyderabad Metro project and become a zero-debt company. The project has a significant share of real estate-related revenue streams such as offices and residential buildings. component.”
Hyderabad has become synonymous with the setup related to the pharmaceutical industry as Bangalore is with the information technology sector and the land prices in this area have almost doubled in the last one year.
The technology city has seen a rise in land deals with residential and commercial land deals worth around Rs 5,000 crore in Hyderabad from January 2020 to January 2022.
The city, which houses Facebook and Microsoft, is also attracting large institutional investors such as Blackstone Group. xender group And as Capitaland they want to tap into the growing commercial market in the region.
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