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The acquisition will enable Salarpuria Sattva to strengthen its commercial portfolio in Hyderabad by adding 9 million sq ft of IT development.
“The deal has been concluded. Papers have been signed and the money will be exchanged soon,” said one of the persons, who did not wish to be identified. “Kokapet is coming up as one of the major IT hubs and has seen some of the largest projects being announced. It is the future.”
Salarpuria Sattva refused to comment on the deal.
This is one of the largest transactions involving the builder. Salarpuria Sattva and American private equity firm Blackstone Group had jointly bought a 3.3-million-sq-ft office park owned by Coffee Day Enterprises in a deal valued at around Rs 2,700 crore.
The real estate developer, which is building more than 13 million sq ft of commercial space in Hyderabad, has leased large spaces to firms including Microsoft, JP Morgan, Intel and Oracle in recent years.
It plans to expand its commercial portfolio to 24 million sq ft over the next two years in Hyderabad and Bengaluru from 15 million sq ft at present. It expects 65% of its revenue to come from the commercial portfolio by 2020 and double its rental income to Rs 1,800 crore over the next two years.
In 2018, the firm raised Rs 700 crore from American private equity firm Blackstone Group to expand its commercial portfolio and the total development area under the Blackstone-Salarpuria Sattva platform in Hyderabad increased to 13 million sq ft.
Separately, the firm is also looking at acquiring distressed hotels across India to strengthen its presence in the segment. It was one of the front runners for the 323-room Trident property in Hyderabad which was sold under India’s dedicated bankruptcy mechanism.
Hyderabad, followed by Delhi-National Capital Region (NCR), Bengaluru and Pune, dominated development completions in 2019, accounting for almost 80% of the overall supply in the country.
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