Realty developer Lodha, listed as Macrotech Developers, has bought out the stake held by a company of Ivanhoé Cambridge in its three different joint entities for a consideration of Rs 239.56 crore.
In line with the company’s objective of gradually growing its annuity income, the developer has executed securities purchase agreements with Ivanhoe Warehousing India Inc. for the acquisition of its interest in the Digital Infrastructure Platform entities.
These entities include Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4, and Bellissimo In City FC Mumbai 1, subject to fulfilment of certain closing conditions, the developer said in a regulatory filing.
The indicative time period for completion of these acquisitions is 30 days.
The company’s interest following this acquisition in Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4 and Bellissimo In City FC Mumbai 1 would increase to 70%, 66.67%, and 66.67%, respectively.
Of these, 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.
This entity, incorporated in February 2022, is a joint venture between the developer, Ivanhoe and DSS Opportunities Investment 1, with 60% holding by the developer, 10% by Ivanhoe and the balance 30% by DSS Opportunities Investment 1.
The 10% equity acquisition for Rs 14.77 crore is in pursuance of the company’s planned strategy for calibrated growth in Digital Infrastructure viz industrial and logistics.
Palava Induslogic 4 is engaged in the business of construction and leasing of warehouses and development of industrial parks and following the developer’s acquisition of 33.33% stake for Rs 142.52 crore will increase to 66.67%.
Incorporated in February 2022, it is a joint venture between the developer, Ivanhoe and India Opportunities Fund SSA Scheme 1 of India Opportunities Fund SSA, each holding 33.33%.
Bellissimo In City FC Mumbai 1, started in September 2022, is engaged in the business of construction and leasing of warehouses and development of industrial parks.
In this joint venture too, the developer, Ivanhoe, and India Opportunities Fund SSA Scheme 1 of India Opportunities Fund SSA, held 33.33% each. The company is paying Rs 82.27 crore, for acquisition of 33.33% equity stake and other securities from Ivanhoe. Ends
In this joint venture too, the developer, Ivanhoe, and India Opportunities Fund SSA Scheme 1 of India Opportunities Fund SSA, held 33.33% each. The company is paying Rs 82.27 crore, for acquisition of 33.33% equity stake and other securities from Ivanhoe.
