Mega real estate deals brighten up the realty horizon in India - Carnival buys Leela Infopark, an IT Park from Leela Lace for INR 280 CR

Carnival buys Leela Infopark, an IT Park from Leela Lace for INR 280 CR

In a remarkable and noteworthy deal a company owned by the Leela Group has sold a preleased property in Kochi, Kerala to Carnival Group of Mumbai for a whopping INR 280 CR. This property is an IT park in Kochi that makes INR 30 Cr in rentals from about 53 tenants occupying office spaces and is spread over 6.5 acres of prime area. The deal was finalized by Asian Business Connection, the holding company of Carnival Group.

This purchase gives a very good asset that will definitely have great capital appreciation in the years to come and needless to say the stable attractive rental income boosts the value tremendously.

The idea behind the sale for Leela Lace which is a privately held company is to utilize the money for growing further and expanding its business base.

The Carnival Group is a Mumbai based company but is very keen to expand its footprints in the IT sector with plans to buy another couple of IT parks in Kerala and Chennai. Carnival has a huge presence in all major locations in India like Kerala, Karnataka, Tamil Nadu, Maharashtra, West Bengal, etc.

It is very strong in the entertainment sector with presence in hospitality, media and entertainment and multiplexes. Very recently one of its group companies, Carnival Cinemas has bought over Broadway Cinemas from HDIL developers in Mumbai.