Realty developer Lodha, listed as Macrotech Developers, has entered into agreements for acquisition of the stake held by Bain Capital in its three different joint entities under the Digital Infrastructure Platform for Rs 307 crore.
These entities include Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4 and Bellissimo In City FC Mumbai 1. Macrotech Developers has inked the Securities Purchase Agreements (SPAs) with Bain Capital’s India Opportunities Fund SSA Scheme 1 and DSS Opportunities Investment 1.
This is in continuation of the company’s decision in September to acquire Ivanhoe Warehousing India Inc’s interest in these Digital Infrastructure Platform entities for Rs 239.56 crore.
According to the company, this move is in pursuance of its planned strategy for calibrated growth in annuity income through Digital Infrastructure including industrial and logistics under the LILP (Lodha Industrial and Logistics Park) brand.
In May 2022, Macrotech Developers had entered a partnership with Bain Capital and Ivanhoé Cambridge to develop this green digital infrastructure platform. The platform was formed with an objective of establishing a pan-India presence in the digital infrastructure including logistics and light industrial parks as well as in-city fulfillment centers.
Each of these three partners held around 33% equity interest in the property ownership, whilst Lodha led the development, operations, and management of the assets. With the latest share purchase agreements, Macrotech will hold the entire stake in these entities.
Of the three entities, Bellissimo Digital Infrastructure Development Management is primarily engaged in the business of providing development management services, asset management services, property acquisition and management services, lease management services and other services to various platform entities. Acquisition of 30% stake in this company for Rs 22 crore, will be completed in 30 days.
The acquisition of stake in Palava Induslogic 4, which is engaged in the business of construction and leasing of warehouses and development of industrial parks, is expected to be completed in 180 days. Macrotech will buy out Bain Capital’s 33.33% stake in this company for Rs 189.88 crore.
The acquisition of Bellissimo In City FC Mumbai 1, which is involved in the business of construction and leasing of warehouses and development of industrial parks, will also be completed in 180 days. The company will be paying consideration of Rs 95.12 crore to acquire Bain Capital’s 33.33% stake in this entity.
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This is in continuation of the company’s decision in September to acquire Ivanhoe Warehousing India Inc’s interest in these Digital Infrastructure Platform entities for Rs 239.56 crore.
According to the company, this move is in pursuance of its planned strategy for calibrated growth in annuity income through Digital Infrastructure including industrial and logistics under the LILP (Lodha Industrial and Logistics Park) brand.
In May 2022, Macrotech Developers had entered a partnership with Bain Capital and Ivanhoé Cambridge to develop this green digital infrastructure platform. The platform was formed with an objective of establishing a pan-India presence in the digital infrastructure including logistics and light industrial parks as well as in-city fulfillment centers.
Each of these three partners held around 33% equity interest in the property ownership, whilst Lodha led the development, operations, and management of the assets. With the latest share purchase agreements, Macrotech will hold the entire stake in these entities.
Of the three entities, Bellissimo Digital Infrastructure Development Management is primarily engaged in the business of providing development management services, asset management services, property acquisition and management services, lease management services and other services to various platform entities. Acquisition of 30% stake in this company for Rs 22 crore, will be completed in 30 days.
The acquisition of stake in Palava Induslogic 4, which is engaged in the business of construction and leasing of warehouses and development of industrial parks, is expected to be completed in 180 days. Macrotech will buy out Bain Capital’s 33.33% stake in this company for Rs 189.88 crore.
The acquisition of Bellissimo In City FC Mumbai 1, which is involved in the business of construction and leasing of warehouses and development of industrial parks, will also be completed in 180 days. The company will be paying consideration of Rs 95.12 crore to acquire Bain Capital’s 33.33% stake in this entity.
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