Viacom18 leases new Mumbai HQ
25 Sep 2023
2 Min Read
CW Team
Viacom18, the broadcasting unit of Indian billionaire Mukesh Ambani, is reportedly securing a lease deal with Nucleus Office Parks, which is owned by Blackstone, for its new headquarters in Mumbai. The new office space will encompass approximately 400,000 square feet and span across approximately eight floors within the "One International Center" complex, situated in Mumbai's Lower Parel business district. This development is seen as a significant real estate transaction, given the high rental costs in Mumbai, with only a few such deals occurring each year.
According to insiders, Viacom18 is expected to pay an estimated monthly rent of 60 million Indian rupees ($722,178) for the new space. Viacom18, which operates TV channels and the digital streaming platform JioCinema, is a competitor of major players like Walt Disney in the Indian market. The move to a new headquarters is driven by Viacom18's desire to consolidate all its business units, including taxation, finance, sports, and digital operations, under one roof. The relocation is anticipated to be completed before December.
Mukesh Ambani, the wealthiest individual in Asia, has been steadily expanding his presence in the media and entertainment sector, with TV channels such as MTV, Nickelodeon, and Comedy Central in India, in addition to a streaming platform that rivals Netflix and Disney+ Hotstar. Viacom18's shareholders include Ambani's Reliance, Paramount Global, and Bodhi Tree, a joint venture between James Murdoch and former Disney executive Uday Shankar.
On the other hand, Blackstone is reportedly in the final stages of planning an initial public offering (IPO) for its real estate investment trust (REIT) in India, which will encompass assets from Nucleus Office Parks. This move follows Blackstone's announcement that India is one of its strongest-performing markets. The company manages assets valued at $50 billion in India, including private equity and real estate, with over a billion dollars in real estate share sales in the past year alone.
Viacom18, the broadcasting unit of Indian billionaire Mukesh Ambani, is reportedly securing a lease deal with Nucleus Office Parks, which is owned by Blackstone, for its new headquarters in Mumbai. The new office space will encompass approximately 400,000 square feet and span across approximately eight floors within the One International Center complex, situated in Mumbai's Lower Parel business district. This development is seen as a significant real estate transaction, given the high rental costs in Mumbai, with only a few such deals occurring each year.
According to insiders, Viacom18 is expected to pay an estimated monthly rent of 60 million Indian rupees ($722,178) for the new space. Viacom18, which operates TV channels and the digital streaming platform JioCinema, is a competitor of major players like Walt Disney in the Indian market. The move to a new headquarters is driven by Viacom18's desire to consolidate all its business units, including taxation, finance, sports, and digital operations, under one roof. The relocation is anticipated to be completed before December.
Mukesh Ambani, the wealthiest individual in Asia, has been steadily expanding his presence in the media and entertainment sector, with TV channels such as MTV, Nickelodeon, and Comedy Central in India, in addition to a streaming platform that rivals Netflix and Disney+ Hotstar. Viacom18's shareholders include Ambani's Reliance, Paramount Global, and Bodhi Tree, a joint venture between James Murdoch and former Disney executive Uday Shankar.
On the other hand, Blackstone is reportedly in the final stages of planning an initial public offering (IPO) for its real estate investment trust (REIT) in India, which will encompass assets from Nucleus Office Parks. This move follows Blackstone's announcement that India is one of its strongest-performing markets. The company manages assets valued at $50 billion in India, including private equity and real estate, with over a billion dollars in real estate share sales in the past year alone.
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