Venture capital and investment firm Clear Bridge Ventures has purchased an information technology (IT) park along with a nearly 2-acre land parcel it is built on in Mumbai’s western suburb Malad from Property Ventures (India) for Rs 335 crore.
The seller of the IT Park 4th Dimension and the land parcel on Linking Road is a subsidiary of RK Marbles. The property with ground plus six floors was developed in 2002 and has over 147,000 sq ft saleable built-up area. The IT park also has 129 parking slots for car and transportation vehicles.
The buyer has paid stamp duty of Rs 21.86 crore for the registration of the deal that took place on August 23, showed documents accessed through real estate data analytics firm CRE Matrix.
Clear Bridge Ventures operates in the venture capital and investment space, focusing on providing funding and strategic support to startups and emerging businesses.
ET’s separate email queries to Clear Bridge Ventures and RK Marbles remained unanswered until the time of going to press.
Demand for office properties in India has witnessed a significant surge, driven by rapid expansion of IT and ITeS sectors, rise of startups and growing trend of hybrid workspaces.
The demand is further bolstered by the return to physical offices post-pandemic, as businesses seek to enhance collaboration and innovation, leading to increased leasing activity in key commercial hubs.
This growing demand for office spaces has, in turn, sparked a notable rise in investment appetite among domestic and international investors. Institutional investors, including real estate investment trusts (REITs), private equity firms and sovereign wealth funds, are increasingly focusing on the commercial real estate segment, attracted by the stable rental yields and long-term growth prospects.
