Macrotech buys Bain Capital's stake in 3 logistics park cos for Rs 3 Bn

12 Nov 2024 CW Team

Realty firm Macrotech Developers has acquired Bain Capital's stake in three industrial and logistics park entities for Rs 3 billion as part of a strategy to enhance annual rental income. Macrotech Developers is one of the leading real estate firms in the country. It sells properties under Lodha brand. In May 2022, the company announced a tie-up with Bain Capital and Ivanho Cambridge to set up a platform that will invest around $1 billion to develop digital infrastructure space, including warehousing and industrial parks across India. Macrotech Developers had in September this year acquired the interest of Ivanhoe Warehousing India Inc (Ivanhoe) in the digital infrastructure platform entities for Rs 2.39 billion. Now, it has given exit to Bain Capital. In a regulatory filing, the company said it has "executed Securities Purchase Agreements with India Opportunities Fund SSA Scheme 1 and DSS Opportunities Investment 1 (Bain Capital) for acquisition of their interest in the digital infrastructure platform entities (Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd), in entirety at a consideration of Rs 307 crore". Bain Capital had a 30% stake in Bellissimo Digital Infrastructure Development Management Pvt Ltd and a 33.33 % stake each in the other two entities. Each acquisition is structured as a cash transaction that does not require additional regulatory approvals, with anticipated completion timelines ranging from 30 days to 180 days, the company said. "This is in pursuance of our planned strategy for calibrated growth in our annuity income through digital infrastructure viz. industrial and logistics under the LILP (Lodha Industrial and Logistics Park) brand," the company said. Macrotech Developers has a significant presence in the housing segment. Now, it is developing offices, malls and logistics parks to grow its rental income. The company has delivered around 100 million square feet of real estate and is developing more than 110 million square feet under its ongoing and planned portfolio. Macrotech Developers had registered a 20 % growth in sale bookings to a record Rs 145.2 billion during 2023-24, against Rs 120.6 billion in the preceding year. It has set a target of selling properties worth Rs 175 billion this fiscal year.

Realty firm Macrotech Developers has acquired Bain Capital's stake in three industrial and logistics park entities for Rs 3 billion as part of a strategy to enhance annual rental income. Macrotech Developers is one of the leading real estate firms in the country. It sells properties under Lodha brand. In May 2022, the company announced a tie-up with Bain Capital and Ivanho Cambridge to set up a platform that will invest around $1 billion to develop digital infrastructure space, including warehousing and industrial parks across India. Macrotech Developers had in September this year acquired the interest of Ivanhoe Warehousing India Inc (Ivanhoe) in the digital infrastructure platform entities for Rs 2.39 billion. Now, it has given exit to Bain Capital. In a regulatory filing, the company said it has executed Securities Purchase Agreements with India Opportunities Fund SSA Scheme 1 and DSS Opportunities Investment 1 (Bain Capital) for acquisition of their interest in the digital infrastructure platform entities (Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd), in entirety at a consideration of Rs 307 crore. Bain Capital had a 30% stake in Bellissimo Digital Infrastructure Development Management Pvt Ltd and a 33.33 % stake each in the other two entities. Each acquisition is structured as a cash transaction that does not require additional regulatory approvals, with anticipated completion timelines ranging from 30 days to 180 days, the company said. This is in pursuance of our planned strategy for calibrated growth in our annuity income through digital infrastructure viz. industrial and logistics under the LILP (Lodha Industrial and Logistics Park) brand, the company said. Macrotech Developers has a significant presence in the housing segment. Now, it is developing offices, malls and logistics parks to grow its rental income. The company has delivered around 100 million square feet of real estate and is developing more than 110 million square feet under its ongoing and planned portfolio. Macrotech Developers had registered a 20 % growth in sale bookings to a record Rs 145.2 billion during 2023-24, against Rs 120.6 billion in the preceding year. It has set a target of selling properties worth Rs 175 billion this fiscal year.

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