MUMBAI: In the largest commercial space transaction so far this year, London-headquartered multinational investment bank and financial services company Barclays’ India arm has entered into an agreement to pick up nearly 1.1million sq ft office space in K Raheja Corp’s Pune project on lease, said three persons familiar with the matter. Through this transaction, the London and New York Stock Exchange-listed financial services company is setting 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 ?660 crore. “While the lease rentals have been set at ?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 ?660 crore,” said one of the… Read full this story
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