Commercial real estate deals appear to be making a strong comeback if the two big ticket acquisitions announced on Wednesday are anything to go by. While Mumbai-based media and entertainment firm Carnival Group has acquired engineering giant Larsen & Toubro’s commercial real estate projects in Chandigarh for Rs. 1,785 crore, pharmaceutical firm Abbott India bought 4.35 lakh sq ft of commercial space from Godrej Developers in Mumbai’s Bandra-Kurla Complex for Rs. 1,480 crore.
Carnival’s acquisition includes the commercial real estate project Elante Mall, a Hyatt luxury hotel and a office premises with central courtyard in Chandigarh. Singapore-based sovereign fund GIC and private equity major Blackstone were also in the race for acquiring Elante.