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Burman GSC, a joint venture between the Burman Group and Private Equity Fund Golden State Capital (GSC), has bought out Ascendas India’s 51 per cent stake in OneHub, a SEZ project in Gurugram.
While the acquisition was done for an undisclosed amount after approval from the Board of Approval for SEZs, industry sources estimated the deal at about ₹300 crore.
Burman GSC and Ascendas had a 49: 51 joint venture partnership for this project.
Ascendas India has now fully exited the project. Burman GSC has used promoter equity to fund the buyback . The Gurugram-based real estate major continues to remain debt-free even after funding the purchase.
“We plan to develop it as the preferred destination for commercial space occupiers in North India.
“We are going to put in place an aggressive pricing strategy, which would be in the sub-₹30 (per sq. ft. per month) range, making it one of the most economical space for any large global technology firm.
“Our first block of close to 590,000 sq. ft., constructed by reputed contractor Shapoorji & Pallonji, has been completed and now ready for fit-outs,” said Mohit Burman, Chairman of Burman GSC.
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