Realty firm Macrotech Developers has acquired Bain Capital's stake in three industrial and logistics park entities for Rs 307 crore 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 Ivanhoé Cambridge to set up a platform that will invest around USD 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 239.56 crore. Now, it has given exit to Bain Capital.
Details of the Acquisition Deal and Stake Distribution
In a regulatory filing on Thursday, 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 per cent stake in Bellissimo Digital Infrastructure Development Management Pvt Ltd and a 33.33 per cent stake each in the other two entities.
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The agreement includes acquiring a 30 per cent equity stake in Bellissimo Digital Infrastructure Development Management for Rs 22 crore, a 33.33 per cent equity stake in Palava Induslogic 4 for Rs 189.88 crore, and a 33.33 per cent stake in Bellissimo In City FC Mumbai 1 for Rs 95.12 crore.
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.
Growth in Real Estate: Macrotech’s Sale Bookings and Future Targets
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 per cent growth in sale bookings to a record Rs 14,520 crore during 2023-24, against Rs 12,060 crore in the preceding year. It has set a target of selling properties worth Rs 17,500 crore this fiscal year.
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