Thursday, 30 May 2013

Infrastructure Development Finance Corporation (IDFC) Limited buys Paranjape Schemes BlueRidge SEZ in Hinjewadi Pune for Rs 4500 million

Infrastructure Development Finance Corporation (IDFC) Limited buys Blue Ridge SEZ in Hinjewadi Pune for Rs 4500 million

Claimed to be the largest M&A real estate deal of the year in Pune, IDFC Limited has bought BlueRidge Special Economic Zone (SEZ) Phase 1 in Hinjewadi for a whopping Rs 4500 million. The sale was initiated and closed by the leading international property consultants, Jones Lang LaSalle India.  The equity stake will be bought in phases as per defined milestones.

Hinjewadi is the leading IT Hub of Pune and continues to be among the biggest draws for IT-based corporate occupiers as well as private equity investors. This M&A deal had been carefully structured to ensure optimal value for both parties.

BlueRidge SEZ is an IT SEZ being developed by Paranjape Schemes, one of the largest developers in Pune.

Phase One of the SEZ has approximately 1.45 million sq ft of leasable space and is already operational, with key tenants such as Accenture, Cisco and L&T. The closing of this deal is undoubtedly one of the highlights of our relationship with Jones Lang LaSalle India over a number of years. 

Jones Lang LaSalle India was instrumental in raising the private equity capital for this project in 2007 on behalf of Paranjape Schemes. This deal definitely underscores Pune's continued and ever-increasing potential and attractiveness as an IT destination of choice.

Related - IDFC's private equity arm may buy Pune IT special economic zone Blue Ridge for Rs 600 crore

More Pune Real Estate updates on Pune Real Estate News & Updates

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