Värde Partners acquires Grade A office building in Mumbai
Alternative investment firm Värde Partners has acquired Lodha Excelus, New Cuffe Parade (LNCP) – a Grade A multi-tenant office building in Mumbai’s business districty – from the Lodha Group.
“Prime Indian office assets benefit from strong fundamentals including rising rents, falling vacancies and favourable supply-demand dynamics,” says Tim Mooney, Partner and Global Head of Real Estate. “The newly built Lodha Excelus, New Cuffe Parade is well-located by strong local transport infrastructure with convenient access from the business district and heavily populated eastern suburbs.”
Värde invests in real estate assets, loans and operating companies globally. The firm opened its office in Mumbai in 2018 and has invested over$1 billion in India.
Built in 2018, LNCP has over 827,000 sq ft of office space spread over 29 floors and forms part of a 22 acre mixed-use development. Anchor tenants include Tata International, GMM Pfaudler and Axis Bank.
The five floors in LNCP purchased by Tata Group in 2019 will continue to be owned by Tata.