SBI Funds Management Invests in Mumbai's Office Market with Rs 103 Crore Purchase
SBI Funds Management buys office space in Mumbai's Bandra-Kurla Complex for Rs 103 crore, as India's office market witnesses significant demand.
Sbi Funds ManagementMumbai Office MarketOffice SpaceLeasingIndia Real EstateReal Estate MumbaiSep 27, 2024
The deal is a testament to the growing demand for office space in India, particularly in major cities like Mumbai. Recently, Adar Poonawalla, CEO of Serum Institute of India, bought the first floor of Cerebrum IT Park in Pune for Rs 395 crore. Additionally, ICICI Prudential Asset Management Company entered a large office space deal near Mumbai International Airport for Rs 315 crore.
In another significant transaction, Kinnteista, investor Rekha Jhunjhunwala's firm, reportedly bought commercial space in BKC and Chandivali in Mumbai for Rs 740 crore. Furthermore, Red Fox IT Infra, a subsidiary of Redbrick Offices, is learnt to have bought several office spaces in Mumbai in a Rs 260-crore deal.
While many office deals are in leasing, the market is expected to witness significant growth in the coming years. Property consultancy Cushman & Wakefield reported that leasing across the top eight cities is expected to exceed 80 million square feet in 2024, driven by the growth of sectors like IT and financial services.
Deloitte Shared Services recently leased 80,000 sq ft of office space in Oberoi Commerz III, Mumbai, with the lease set to start on November 1. Morgan Stanley also leased 1 million sq ft of office space in the same complex in Mumbai, with an annual rent of Rs 192 crore and a security deposit of Rs 104.9 crore.
In Bengaluru, RMZ Corporation leased 360,000 sq ft of office space to Chevron Global Technology and Services at RMZ Ecoworld 30-series. Chevron is expected to set up an engineering and innovation excellence centre within this space.
The first half of 2024 saw leasing activity reach 41.9 million sq ft, representing the highest leasing volume recorded for the first half of any year so far. This figure accounts for 56 per cent of the total gross leasing volume (GLV) for 2023.
Information
SBI Funds Management is a leading asset management firm in India, offering a range of investment products and services to its clients. The company is a subsidiary of the State Bank of India (SBI), one of the largest banks in India.
SBI Funds Management is a subsidiary of the State Bank of India (SBI), one of the largest banks in India. SBI Funds Management offers a range of investment products and services to its clients, including mutual funds, portfolio management services, and alternative investments.
Cushman & Wakefield is a leading global real estate services firm, providing a range of services including property management, leasing, and investment sales.
Redbrick Offices is a leading provider of office spaces in India, offering a range of services including leasing, property management, and facilities management.
ICICI Prudential Asset Management Company is a leading asset management firm in India, offering a range of investment products and services to its clients.
Tags SBI Funds Management, Mumbai Office Market, Office Space, Leasing, India Real Estate
Frequently Asked Questions
What is the size of the office space purchased by SBI Funds Management?
The office space purchased by SBI Funds Management is 67,870 sq ft.
Where is the office space located?
The office space is located in Bandra-Kurla Complex (BKC), Mumbai.
What is the cost of the office space deal?
The cost of the office space deal is Rs 103 crore.
What is the expected growth in leasing activity in India's office market?
Leasing activity is expected to exceed 80 million square feet in 2024, driven by the growth of sectors like IT and financial services.
Who are some of the other major players in India's office market?
Some of the other major players in India's office market include ICICI Prudential Asset Management Company, Red Fox IT Infra, and RMZ Corporation.
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