Godrej in talks with Bengaluru's Puravankara for Rs 1,200 crore deal: Report

Godrej Group is in advanced talks to acquire 1-million square feet commercial property in Bengaluru's Byappanahalli area at Rs 1,200 crore, according to a report by the Business Standard.

According to the report, the private equity arm of the company, Godrej Fund Management (GFM), has held talks with Bengaluru-based developer Puravankara. "The deal will help Puravankara raise funds and help Godrej gain a foothold in Bengaluru's commercial property market," a source told the publication.

If the deal goes through, it will be one of the biggest commercial property deals in the country this year.

The deal is said to be structured as a forward purchase agreement wherein the seller will sell the property at a future date at an agreed value after completing it.

Also read — Godrej Properties buys around 15-acre land in Bengaluru for housing project

Last month, Godrej Properties bought about 15-acre land in Bengaluru to develop a housing project.

In a regulatory filing, the company said it "has entered into an outright transaction to purchase a well-located land parcel in Sarjapur, Bengaluru".

Godrej Properties, which is part of the business conglomerate Godrej Group, did not disclose the deal value or the name of the seller.