MUMBAI: Mumbai-based Carnival Group today said it has acquired Larsen & Toubro’s commercial real estate projects in Chandigarh at a whopping Rs 1,785 crore.
The deal includes the largest mall in Chandigarh Elante Mall, Hyatt luxury hotel and office premises with central courtyard.
“This acquisition is a part of asset creation for the group as an investment portfolio. This acquisition will help us to further expand our capabilities and has allowed us to make inroads into newer markets. This project will be operated as a separate unit and will be led by its current India based management team,” Carnival Group Chairman Shrikant Bhasi said in a statement.
The acquisition will enable Carnival Group to widen its portfolio and help the company achieve leadership position in the retail sector. The deal is said to be the largest in the realty sector in recent times, it said.
The retail space hosts premium national and international brands along with a mix of hypermarket, departmental stores, Sports Bar, Bowling Alley. Spread across 20 acres, Elante has a an entertainment zone with multiplex and food court that caters to its customers.
“This project has got a good rental yield,” Carnival Group Director of Finance AC Dinesh said.
This is Carnival Group’s third real estate acquisition after Leela Infopark (Kochi) and Leela Technopark (Thiruvananthapuram).
The Group has also bought out Anil Ambani led Reliance Group’s Big Cinemas multiplex business.
It also acquired Glitz Cinemas, which was a part of Capital 18, a subsidiary of Mukesh Ambani’s Network 18 Media.
Carnival Group shares interests in media and entertainment with segments like movie production, international concerts, reality shows and wedding planning in India and overseas.