Reliance Nippon Life Insurance leases 40,000 sq ft at Adani Inspire in BKC – ET RealEstate

MUMBAI: Reliance Nippon Life Insurance (RNLI) has taken a 40,000 sq ft space on a five-year lease at an Adani Realty project in the BKC business district to house its corporate headquarters, officials said on Wednesday.

Rental details of the transaction, one of the largest in recent times, were not immediately available.

“RNLI has signed up to have 40,000 sq ft in Bandra Kurla Complex‘s (BKC) Adani Inspire for five years,” a source said.

When contacted, RNLI’s chief executive and managing director Ashish Vohra confirmed the development while officials at Adani Realty were not available for comment.

“Corporate office relocations are a matter of long term commitment and the recovered business sentiment regarding the value of life insurance product gives us the confidence to make this decision. BKC is a prominent and centrally-located business district,” Vohra told PTI.

This is the second big deal clinched by Adani Realty for the 8 lakh sq ft project in BKC, after Japanese lender MUFG took 30,000 sq ft in the commercial property on a ten-year lease. A slew of banks, finance companies and insurance players have their head offices in the BKC business district.

The city’s realty market had been impacted because of oversupply and high prices, which only aggravated because of the economic impact of the pandemic. However, policy measures like a halving of duties for a limited period and interest rates being at 15-year lows have led to some revival.

The pandemic and the ensuing shift to work from home models because of the lockdowns had resulted in concerns for the commercial realty market, as there is a view that demand for space may be hit as companies may not require space to house staff.

RNLI will be moving to the space from Reliance Centre in nearby Santacruz, whose possession has been taken over by Yes Bank for non-payment of loans.



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Japanese bank MUFG leases 30,000 sq ft space at BKC from Adani Realty – ET RealEstate

Japan’s largest bank MUFG has picked up 30,000 sqft space in Adani Realty‘s commercial building at BKC on lease for 10 years for around Rs 90 crore, sources said.

The bank, which began operations in Mumbai in 1953, is relocating its India headquarters to BKC after being in Nariman Point for many years.

Established in 1919 in Japan, the bank moved to Hoechst House in 2004 in Mumbai’s central financial hub.

“The bank has committed to a 10-year lease with Adani Realty for 30,000 sqft space in its commercial building in BKC – Adani Inspire. For 10 years, the rental is close to Rs 90 crore,” a source said.

The bank’s decision to come to BKC, is in line with the trend of many banks choosing this commercial business district as a destination of choice.

“The proximity to clients and manpower and upcoming infrastructure is a driving factor for such a move,” another source said.

While Adani Realty declined to comment, an email query sent to MUFG Bank remained unanswered.

Property consultant JLL India, which was the transaction advisor to the deal, also declined to comment.

According to the bank’s website, its office in Mumbai serves as the “hub” of MUFG’s operations in India.

The bank has presence in five locations across the country and caters to the banking needs of Japanese and global corporates that are establishing or growing their businesses in India, the website said.



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