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Burman GSC, a joint venture between the Burman Group and private equity fund, Golden State Capital (GSC), has bought out Ascendas India’s 51 per cent stake in their SEZ, a joint venture project, OneHub located in Gurgaon. Industry sources said the deal is estimated at Rs 300 crore.
Burman GSC and Ascendas earlier had a 49: 51 joint venture partnership in this project. With this transaction, Burman GSC is now 100 per cent owner of the SEZ.
The acquisition was done for an undisclosed amount and requisite approvals have been taken from the board of approval for SEZs.
Ascendas India has now fully exited the project. Burman GSC has used promoter equity to fund buyback of the stake in the project. The Gurgaon-based real estate major continues to remain debt-free even after funding the purchase.
“We plan to develop it as the most preferred destination for commercial space occupiers in North India. We are going to put in place an aggressive pricing strategy, which would be in the sub-Rs 30 (per sq. ft. per month) range, making it economical for any large global technology firm. Our first block of close to 590,000 sq. ft., constructed by reputed contractor Shapoorji & Paloonji, has been completed and is now ready for fit-outs,” Mohit Burman, Chairman, Burman GSC said.
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