Tata’s Trent Buys 1.5 Lakh sq ft Space In Lodha’s Project

In a major commercial deal, Tata Group’s retail arm Trent has acquired five floors of office space in Lodha Group’s commercial building Lodha Excelus New Cuffe Parade for a transaction value of Rs. 300 crore. Of the 5 floors, the company, as the first and anchor client, has bought four floors on an outright basis, while one floor has been taken on a long-term lease and the deal is valued at about Rs. 300 crore for a total Rs. 1.5 lakh sq ft leasable area, Lodha said in a statement.

“The transaction has been done at a value of around Rs. 60 crore per floor, implying a deal value of Rs. 300 crore, which makes the building worth Rs. 1,800 crore. We have just completed the first office building at this project with over 8 lakh sqft of leaseable area and we are starting work on the second office building of about 11 lakh sqft soon,” Lodha group Regional CEO Shaishav Dharia said.