Barclays Inks Deal in Pune for Largest Office Outside UK
In the major commercial space business so far this year, London-based investment bank and financial services company Barclays’ India support has entered into an accord to pick up nearly 1.1million sq ft office space in K Raheja Corp’s Pune project on rent, said people familiar with the matter.
Through this deal, the New York Stock Exchange & London -listed financial services company is location up its single biggest office outside of the UK in India. The built-to-suit campus in K Raheja Corp’s IT park Commerzone Kharadi in Pune will be developed over the next two years and will accommodate around 9,000 employees who would cater to the British investment bank’s operations across 40 countries.
The total tenure of the lease agreement is 10 years with a clause for rental escalation every three years. The current rentals for the deal have been fixed at Rs 50 per sq ft a month, taking the total payout to over Rs 660 crore. “While the lease rentals have been set at Rs 50 for now, it will, however, see escalation of 15% every three years. Total rentals across the deal tenure of 10 years would be clearly over Rs 660 crore,” said one of the persons mentioned above.
An email sent to K Raheja Corp remained unanswered till the time of going to press, while transaction advisor JLL India declined to comment on the story. Setting up this new campus in Pune is in line with Barclay’s global location strategy to establish regional facilities to enhance flexibility and resiliency.
IT Special Economic Zone Commerzone Kharadi is a joint development between K Raheja Corp and Pune-based realty developer Gera Developments
Article Source: www.infrabuddy.com/barclays-plans-biggest-office
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