Macrotech Developers secures a 20-acre land parcel in Bengaluru, targeting sales of INR 2,800 crore.
2025-01-13 03:32:31
Smartworks, the managed workspace provider gearing up for its IPO, has leased approximately 4.7 lakh square feet of office space in the DLF Commercial Building at DLF City-V, Gurugram. The lease deal, valued at an annual rent of ₹94 crore, was revealed through documents accessed by real estate data analytics firm Propstack. With this addition, Smartworks’ total footprint in Gurugram exceeds one million square feet.
This new campus will join Smartworks’ three existing managed campuses in Gurugram, located at Golf View Corporate Towers on Golf Course Road, RK 4 Square in Cyber City, and ASF Insignia at Vatsal Valley.
The lease, registered on December 3, 2024, spans six years, starting November 1, 2024, with rent payments commencing in March 2025. Smartworks will pay ₹165 per square foot, with a six-month security deposit of ₹47.3 crore. The monthly rent amounts to ₹7.89 crore, translating to an annual cost of ₹94.68 crore. The rent will increase by 9% after three years. The agreement also includes 794 parking spaces.
Spanning five floors along Golf Course Road, the new managed campus is expected to become operational by February 2025.
Neetish Sarda, Founder of Smartworks, commented on the expansion:
“This move highlights the growing demand for fully managed and serviced campuses. It aligns with our commitment to empowering enterprises through tailored office solutions in large campus settings, equipped with modern amenities. Our goal is to enhance productivity and foster growth in a professional, dynamic work environment.”
As of August 14, 2024, Smartworks managed a total super built-up area of 9.12 million square feet across 45 centers in 13 cities. Backed by global asset manager Keppel, the company filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise funds through an IPO.
The IPO includes a fresh equity issuance of ₹550 crore and an offer-for-sale of 67.59 lakh equity shares by existing shareholders. SEBI approved the IPO in December 2024.
DLF has not commented on the development, but updates will follow if a response is received.
2025-01-13 03:32:31
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