In one of the largest real estate transactions of this year, RMZ will acquire the remaining 50 per cent stake in Essar Group’s commercial project Equinox Business Park in Bandra-Kurka Complex, Mumbai, by the end of this year.
The company will pay Rs 2,400 crore for the complete buyout, which will be funded by Qatar Investment Authority (QIA) and some other sovereign funds, said two people having direct knowledge of the development.
Bengaluru-based developer RMZ, which had acquired a 50 per cent stake in the project earlier last year, had entered into an agreement with Essar to buy out the remaining stake.
After the takeover by RMZ, the 1.25-million sq ft business park, which was being operated by Essar’s realty arm Equinox Realty, will be renamed as RMZ Equinox Business Park.
