A 130 acre SEZ named Blue Ridge in Hinjewadi near Pune, developed jointly by Indiareit Fund Advisors Pvt Ltd and Pune based Paranjape Schemes (Constructions) Ltd is up for sale. Both the companies are discussing about selling off its entire stake or a part of it. According to Mint they were earlier negotiating with a Tata Group company. However the deal did not materialize. Mr. Shashank Paranjape, the chairman of Paranjape Schemes said that his company which had created a special purpose vehicle (SPV) named Flagship Infrastructure Pvt Ltd for the special economic zone is now thinking of diluting its stake. Paranjape Schemes has a majority stake in the SEZ. Already 1.4 million sq ft of space out of the total 2.9 million sq ft have been developed and leased out.
Mr. Paranjape said that the total value of this space has been estimated at Rs 1,000 crore. He revealed that talks were at an advanced stage till December between Flagship Infrastructure Pvt Ltd and Tata Realty but the deal fell through. Without divulging any specific detail he said that talks are on with a number of funds that are interested to invest in assets that generate rent. A monthly rental yield amounting to Rs 4.9 crore is expected from the 1.4 million sq ft space in the SEZ which has already been developed. Moreover the rent is expected to escalate about 15% annually.
Mr. Paranjape said that the total value of this space has been estimated at Rs 1,000 crore. He revealed that talks were at an advanced stage till December between Flagship Infrastructure Pvt Ltd and Tata Realty but the deal fell through. Without divulging any specific detail he said that talks are on with a number of funds that are interested to invest in assets that generate rent. A monthly rental yield amounting to Rs 4.9 crore is expected from the 1.4 million sq ft space in the SEZ which has already been developed. Moreover the rent is expected to escalate about 15% annually.
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