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|  Development Project 3 - MK MALLS
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| Originally created by the Mumbai Metropolitan Region Development Authority (MMRDA) as the first of a series of growth centres designed to arrest further concentration of offices and commercial activities in South Mumbai, the 370 acre Bandra Kurla Complex (BKC) now commands as much prominence as the central business district due to the headquarter migration of most of the financial institutions to the BKC. In fact, the built-up real estate rental prices in the BKC have begun to eclipse the premium rates found in South Mumbai’s Nariman Point.
The redevelopment of Dharavi, one of Asia’s largest slum agglomerations, represents one of the key factors driving the future growth of BKC. Located only 2km from the BKC, Dharavi will infuse close to 20m sq. ft. of luxury housing, and 30m sq. ft. of rejuvenated low income housing bringing much needed accommodation to a land-locked city like Mumbai.
The project represents a part of Trikona’s larger urban rejuvenation programme, where in partnership with Dynamix Balwas Group, Trikona will work closely with the local government to rehabilitate low income housing in exchange for the rights to build market rate housing. On completion, the project will deliver 0.85m sq. ft. of saleable commercial space on a land parcel of 4.43 acres.
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| Highlights |
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- The rental rates in the original business plan were estimated to be INR 205 (£2.53/$5.12) per sq. ft. per month; however, the current rentals in the vicinity have been tracking at between INR 400 – INR 440 (£4.95 - £5.44 / $10-$11) per sq. ft. per month
- In November 2007, SachsenFonds acquired a 40% interest in the Mauritian SPV for £9.45 million, resulting in a realised IRR of 153% and a multiple of 2.01 times return.(“SF-I”)
- In June 2008, SachsenFonds acquired the remaining 60% interest in the project for £15.00 million, resulting in a realised IRR of 83% and a multiple 2.13 times return (“SF-II)
- Construction is expected to commence by the end of September 2008
- 72% of the tenants have now been vacated
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| View Project Details |
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£38.9 million*
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| 848,264 sq. ft. |
28.9% owned** |
| Asset Class |
Commercial |
| Project Name |
MK Malls |
| Partner |
Dynamic Balwas Group |
Location
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Bandra Kurla Complex (“BKC”) |
| Type |
Commercial |
| Saleable Area |
848,264 sq. ft. on 4.43 acres |
| Capital Invested |
£24.0 M (Including mezzanine funding) |
| *NAV as of 31 March 2008 |
£38.9 M |
| IRR at Date |
82 % |
Multiple at Date
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1.62 |
** The Mauritian SPV owns 28.9% of DP-3; however, Trikona TC has sold its ownership in the Mauritian SPV.
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