Rakesh Jhunjhunwala's guru and ace investor Radhakishan Damani must have made a killing from the stock market rally this year becausethe owner of retail chain D-Mart, just bought 37,000 square feet spread over five floors in an office building in Mumbai's plush Nariman Point for a whopping Rs 134.25 crore.
The commercial premises at Hoechst House in the Nariman Point area of South Mumbai, is to be sold to Damani's Bright Star Investments Private Ltd. and its group companies.The transaction is expected to complete in the quarter ending December 2014.
According to a report in the Economic Times, the transaction is valued at over Rs 36,000 per sq ft on carpet basis and is in line with current market price for office spaces in Nariman Point.
Each floor measures 7442 sq. feet carpet area. All the floors were given out on lease and license basis by Sanofi earlier. Currently, Nariman Point is the thirty-second in the list of Top 50 Costliest Global Office Markets, shows data by property consultant CBRE.
Last year ace investor Rakesh Jhunjhunwala too bought half of a sea-facing building, comprising of six plush apartments that were owned by Standard Chartered Bank in Mumbai's upmarket Malabar Hill area for Rs 176 crore.
Updated Date: Nov 12, 2014 09:54:47 IST