Nippon Life India acquires office space for Rs 4.86 Bn in Mumbai

Nippon Life India Asset Management has executed a definitive agreement with realty developer Lodha, listed as Macrotech Developers, to acquire an office space spread across two floors in a commercial tower One Lodha Place in Mumbai’s business district Lower Parel for Rs 4.86 billion. The asset management company is planning to shift its headquarters in this office spread over 52,162 sq ft from Peninsula Business Park in the vicinity.“The deal was registered. The buyer has paid a certain amount of the consideration and the stamp duty, and is expected to pay Rs 4 billion by December 6,” said a person with direct knowledge of the development. In a regulatory filing, Nippon Life India Asset Management said there are no shareholding ties with the selling entity, and the transaction is not categorised as a related party transaction. The filing, however, did not mention the plan to shift the headquarters to this new office. Transaction advisor JLL India declined to comment for the story. As part of the deal, the buyer will get exclusive signages rights for the space on the 29th and 30th floors of the commercial tower that has a total 36 floors. Nippon Life India Asset Management specializes in managing a variety of investment products, including mutual funds like exchange-traded funds (ETFs); managed accounts such as portfolio management services, alternative investment funds, and pension funds; as well as offshore funds and advisory mandates. It is the first asset management company listed on Indian bourses in 2017.

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