Our Bureau In one of the biggest commercial real estate transactions in the country, the debt-laden Essar Group has sold its Equinox Business Parks in Mumbai’s Bandra-Kurla Complex to Brookfield Asset Management for ₹2,400 crore.

“This demonstrates the value we have been able to create in our Equinox investment. I am happy that we have been able to conclude a marquee deal with a quality investor, Brookfield,” said Essar promoter Anshuman Ruia.

The sale is part of the Essar Group’s efforts to pay off its debt across various businesses. The group has so far settled a debt of ₹80,000 crore through the sale of various assets, including Essar Oil.

Located in Mumbai’s prime central business district and spread across nearly 10 acres, Equinox Business Park comprises four towers, with a leasable office space of about 1.25 million sq ft.

In 2006, Essar was a licensee in the business park. Between 2008 and 2012, it acquired the towers and ultimately the entire estate.

Companies that occupy space in the estate include Tata Communications, Experian, Crompton Greaves and Lafarge.

Commenting on the deal, Ankur Gupta, Brookfield’s Real Estate Head (India), said: “We will invest significant capital, introduce more F&B and modern amenities, and establish Equinox as a high-quality office destination.”

“The deal value is commensurate to the prevalent market trends and has fetched appropriate value,” said Ramesh Nair, CEO & Country Head, JLL India.

Brookfield Asset Management is a global alternative asset manager with around $285 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity.