Strategic Acquisition of Office Space in Mumbai by BAMR Properties
In a significant move within Mumbai’s commercial real estate sector, a consortium of investors led by BAMR Properties LLP has successfully acquired a modern office space spanning over 90,000 square feet. This acquisition covers six floors within the commercial building known as “Arena Space,” situated in Jogeshwari East.
Details of the Acquisition
The transaction involved purchasing preleased office premises that are currently occupied by prominent multinational corporations and corporate entities. The developer responsible for this commercial property is M/s. Arena Enterprise.
Role of Cyril Amarchand Mangaldas
The prestigious law firm Cyril Amarchand Mangaldas played a pivotal role in facilitating this acquisition. Their responsibilities encompassed:
- Structuring the deal to meet the needs of both the investors and the developer.
- Conducting extensive title due diligence to ensure the integrity of the land and the building.
- Preparing, reviewing, negotiating, and finalizing various transaction documents.
- Providing guidance on compliance with conditions precedent set by the developer, as well as managing closing formalities.
Condominium Formation Assistance
To streamline the transfer of management and ownership of the property, Cyril Amarchand Mangaldas also assisted in the creation of a Condominium in accordance with the Maharashtra Apartment Ownership Act of 1970. This move was crucial in ensuring seamless ownership transition from the developer to the new owners.
The Team Behind the Acquisition
The transaction was led by Partner Rishiraj Bhatt, with essential support from:
- Shantanu Kondaskar, Principal Associate, who assisted with the title due diligence and transaction documentation.
- Kinnari Jain, Associate, who contributed to the documentation iterations.
- Archit Mishra, Senior Associate, who played a key role in the condominium formation documentation.
This strategic acquisition not only enhances the investor group’s portfolio but also showcases the growing demand for commercial real estate in Mumbai, particularly for properties with reliable leasing to established corporations.
