Real estate firm
Salarpuria Sattva has bought French multinational Schneider Electric’s eight lakh sq ft commercial property for over Rs 100 crore.
“The agreement has been signed and the money has been exchanged amongst the two parties. The property was being used for many years by Schneider before they decided to divest it,” said two persons aware of the deal.
Salarpuria Sattva is looking to expand its commercial portfolio organically and inorganically. The firm will use the land parcel to rebuild commercial property for the
IT sector. “The property is built on six acres land and Salarpuria Sattva has decided to completely rebuild it as electronic city is one of the IT hubs of Bangalore,” said one person quoted above.
Salarpuria plans to expand its commercial portfolio to 24 million sq ft over the next two years across
Hyderabad and
Bengaluru from 15 million sq ft at present.