April 20, 2024

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Mirae Asset Global Investment, a unit of Mirae Asset Financial Group, has emerged as the top bidder for an 8-story commercial building in India by offering 4.13 billion rupees ($59.88 million), industry sources said on July 2. 

Mirae Asset was among 18 bidders for the building, in Mumbai City, which was used as Citibank’s former Indian headquarters until 2012. The deal, managed by property consulting firms JLL India and CBRE, has attracted rigorous offers from international and domestics suitors including Singaporean sovereign wealth fund GIC and K. Raheja Corp., Mumbai-based real estate firm backed by Blackstone that placed a bid of 4 billion rupees.

If the deal goes through, it would mark Mirae’s first investment in a commercial office building in India.

Located in the Bandra Kurla Complex, a planned business district in Mumbai, the 90,000 square-feet building was used as the headquarters of Citibank until 2012.

Mirae made a foray into India’s property market in 2017 and has invested in residential projects through an alternative investment fund worth $100 million.

By Park Ga-young (gypark@heraldcorp.com)