Macrotech Developers buys out Ivanhoé Cambridge’s stake in 3 joint entities
Realty developer Lodha, listed as Macrotech Developers, has bought out the stake held by a company of Ivanhoé Cambridge in its three different joint entities for a consideration of Rs 239.56 crore.
In line with the company’s objective of gradually growing its annuity income, the developer has executed securities purchase agreements with Ivanhoe Warehousing India Inc. for acquisition of its interest in the Digital Infrastructure Platform entities.
These entities include Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4, and Bellissimo In City FC Mumbai 1, subject to fulfilment of certain closing conditions, the developer said in a regulatory filing.
The company’s interest following this acquisition in Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4 and Bellissimo In City FC Mumbai 1 would increase to 70%, 66.67%, and 66.67%, respectively.
Of these, Bellissimo Digital Infrastructure Development Management is primarily engaged in the business of providing development management services, asset management services, property acquisition and management services, lease management services and other services to various platform entities.
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