The property, which previously housed the operations of global healthcare major Novo Nordisk India, has been a landmark in the area for over a decade. Novo Nordisk had operated from the campus for over 10 years before transitioning out.
The campus has a fully functional operational unit with a built-up area of 188,000 square feet and offers future development potential of up to 1.2 million square feet, along with a data centre of 35 MW. Strategically located in one of Bengaluru’s prominent industrial and business hubs, the acquisition is set to strengthen Sattva Group’s presence in the city’s booming commercial real estate market.
“This is a well-planned acquisition for Sattva. The location, coupled with the development potential, aligns perfectly with its long-term strategy to expand in Bengaluru’s growing business districts,” said a person aware of the deal, on condition of anonymity.
Sattva Group declined to comment on the deal.
The deal, finalized in the last quarter, underscores the continued interest of real estate developers in acquiring prime properties in Bengaluru, particularly those with potential for future development. “We have seen growing demand from large developers looking to acquire such well-located campuses to meet expansion needs. This sale is indicative of how Bengaluru’s real estate market continues to attract institutional and private players alike,” said a source familiar with the matter.This acquisition comes at a time when Sattva Group is preparing to consolidate its office portfolio as part of its plans to list India’s largest Real Estate Investment Trust (REIT) in partnership with Blackstone. The REIT, which could include around 50 million square feet of office space, is expected to position Sattva as a major player in India’s commercial real estate sector.“With EPIP continuing to thrive as a hub for IT, biotech, and manufacturing industries, the campus is well-positioned to attract major tenants in the coming years. This strategic move by Sattva highlights its commitment to leveraging Bengaluru’s growing prominence as India’s premier business and technology destination,” said one of the persons quoted above.
Sattva Group, in partnership with Blackstone, holds about 32 million sq ft of real estate assets, including 20 million sq ft of completed assets in Hyderabad and Bengaluru. It is currently in talks for a potential real estate investment trust (REIT) early next year.
The company operates across 11 business verticals, with a focus on residential and commercial properties. It has diversified into data centre warehousing and hospitality. It has a total of 88 million sq ft in planning and development stages.
