EFC (India) is making waves in the commercial real estate sector with its recent acquisition of a substantial office space in Pune. The company has invested over INR 80 crore to purchase 49,556 square feet of office space, highlighting its dedication to expanding its presence in this key market.
This strategic move is part of EFC’s broader plan to strengthen its footprint in the region. With approximately 80,000 square feet of property acquired in Pune, EFC is poised to generate an annual revenue of INR 14.40 crore through its managed office business model. This expansion aligns with the growing demand for flexible workspace solutions.
In addition to acquiring office space, EFC has diversified its portfolio by acquiring a 51% stake in Bigbox Venture, a co-working space provider. This move has added over 3,000 seats to EFC’s capacity and is expected to drive further growth in major cities such as the National Capital Region, Ahmedabad, and Kolkata.
Furthermore, EFC has secured design and build contracts with Tata Consultancy Services (TCS) valued at over INR 75 crore, with negotiations for additional contracts exceeding INR 100 crore underway. This diversification into design and build contracts positions EFC for sustained growth in a competitive real estate market.
Looking ahead, EFC is actively working towards establishing a real estate investment trust (REIT) with a target corpus of INR 499 crore. The REIT application has been filed with the Securities and Exchange Board of India (SEBI), with approvals expected by early September, reflecting the company’s commitment to attracting investments in uncertain economic times.
With operational metrics showing a strong performance, EFC manages approximately 2.25 million square feet across 57 sites in seven cities, with a seating capacity of around 47,000. The company aims to add 30,000 to 40,000 seats annually and plans to launch a manufacturing facility in Phursungi, Pune, by September 2024. Revenue projections for FY25 are estimated to be between INR 50-70 crore.
EFC (India) is solidifying its position as a key player in the real estate market through strategic acquisitions, diverse operations, and proactive expansion initiatives. The company’s foray into commercial real estate, co-working spaces, and REIT formation is poised to enhance its market presence and capitalize on emerging opportunities in the evolving commercial real estate landscape.
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