PUNE: Leading international property consultants Jones Lang LaSalle India have successfully concluded the largest M&A real estate deal in Pune this year to date. Acting on behalf of the company holding BlueRidge Special Economic Zone (SEZ) Phase 1, the Firm's Capital Markets team has successfully facilitated the sale of 100% equity in the company to IDFC Limited, one of India's largest domestic financial institutions.
The enterprise valuation achieved is approximately $83 million (INR 4500 million) and the equity stake will be bought in phases as per defined milestones.
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India says, "Hinjewadi is the leading IT Hub of Pune and continues to be among the biggest draws for IT-based corporate occupiers as well as private equity investors. This M&A deal had been carefully structured to ensure optimal value for both parties."
BlueRidge SEZ is an IT SEZ being developed by Paranjape Schemes, one of the largest developers in Pune. Aditi Watve, COO - BlueRidge says, "Phase One of the SEZ has approximately 1.45 million sq ft of leasable space and is already operational, with key tenants such as Accenture, Cisco and L&T. The closing of this deal is undoubtedly one of the highlights of our relationship with Jones Lang LaSalle India over a number of years. We found JLL a well-networked, client-focused partner who helped us achieve the right valuations and find the right investor."
Jones Lang LaSalle India was instrumental in raising the private equity capital for this project in 2007 on behalf of Paranjape Schemes. This deal definitely underscores Pune's continued and ever-increasing potential and attractiveness as a IT destination of choice.