Sources familiar with the matter reveal that the Blackstone Group, a US-based private equity titan, is in advanced negotiations to acquire Inspire BKC, Adani Realty’s commercial real estate jewel located on the fringes of Mumbai’s vibrant business hub, the Bandra-Kurla Complex (BKC).
Estimated to fetch between Rs 1,800 crore to Rs 2,000 crore, the proposed deal encompasses an expansive office tower spanning 800,000 sq. ft., signalling a significant investment in the burgeoning commercial landscape.
Adani Group’s real estate arm has long contemplated the monetization of this prized 10-storey edifice, engaging in discussions with both global and domestic investors such as Brookfield India and Shapoorji Pallonji Investment Advisors. Blackstone Group, previously expressing interest in the property, rekindles its pursuit in this potential acquisition.
Amidst the upheaval brought forth by the Covid-19 pandemic in 2020, discussions surrounding the property stagnated amidst uncertainties surrounding office absorption growth. However, the resurgence of office activity over the past eighteen months has injected fresh vigour into the commercial property market, propelling Adani Inspire to over 90% occupancy and reigniting investor interest.
With prominent tenants like Novartis, Reliance Nippon Life Insurance, Ascendas Firstspace Development Management, and MUFG Bank anchoring its occupancy, Inspire BKC continues to attract prominent players, including coworking space provider Bhive Workspace, which recently secured over 62,000 sq ft through a long-term lease.
Recent data underscores the robust performance of India’s office markets, with net absorption surpassing 41.97 million sq. ft. in 2023, marking a new post-Covid milestone and positioning it as the second-highest annual absorption on record.
Institutional investors, buoyed by the sector’s optimistic growth trajectory and sustained demand, are doubling down on their commitments, exemplifying the industry’s resilience amidst economic fluctuations and reinforcing its potential for sustained growth in the foreseeable future.
