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NEW DELHI: Viacom18, the broadcasting unit of Mukesh Ambani, is poised to enter into a lease agreement with Nucleus Office Parks, owned by Blackstone, for its new headquarters in Mumbai, spanning an expansive 400,000 square feet.
Reuters reported this development after confirmation from six sources.
Viacom18, known for operating TV channels and the digital streaming platform JioCinema, competes with giants like Walt Disney in the Indian market. The forthcoming headquarters will encompass approximately eight floors within the “One International Center” complex, strategically located in Mumbai’s bustling business district of Lower Parel.
According to one source, this deal is considered a prestigious one in terms of space allocation. In Mumbai, where rental costs are notoriously high, only a handful of such substantial leasing agreements are executed annually. It is estimated that Viacom18 will pay a monthly rent of around 60 million Indian rupees ($722,178), the Reuters report said.
Reuters’ requests for comments from Viacom18 went unanswered, while Blackstone declined to provide a statement.
Mukesh Ambani, the wealthiest individual in Asia, has been rapidly expanding his media and entertainment empire. He oversees television channels such as MTV, Nickelodeon, and Comedy Central in India. Furthermore, his streaming platform competes with industry giants like Netflix and Disney+ Hotstar.
Viacom18’s shareholder roster includes Ambani’s Reliance, as well as Paramount Global and Bodhi Tree, a joint venture between James Murdoch and former high-ranking Disney executive Uday Shankar.
According to two insiders familiar with the office relocation plans, Viacom18 is undertaking this move to consolidate all its business units, encompassing areas such as taxation, finance, sports, and digital operations, under one roof.
The relocation is expected to be completed by December, as per these sources.
In a separate development, Blackstone is in the final stages of planning an initial public offering for its real estate investment trust in India, which will include assets from Nucleus Office Parks. Indian media reports from June highlighted this move. Blackstone has expressed confidence in the Indian market’s performance, managing assets valued at $50 billion in the country, spanning private equity and real estate. In the past year alone, it has generated over a billion dollars in real estate share sales.
Reuters reported this development after confirmation from six sources.
Viacom18, known for operating TV channels and the digital streaming platform JioCinema, competes with giants like Walt Disney in the Indian market. The forthcoming headquarters will encompass approximately eight floors within the “One International Center” complex, strategically located in Mumbai’s bustling business district of Lower Parel.
According to one source, this deal is considered a prestigious one in terms of space allocation. In Mumbai, where rental costs are notoriously high, only a handful of such substantial leasing agreements are executed annually. It is estimated that Viacom18 will pay a monthly rent of around 60 million Indian rupees ($722,178), the Reuters report said.
Reuters’ requests for comments from Viacom18 went unanswered, while Blackstone declined to provide a statement.
Mukesh Ambani, the wealthiest individual in Asia, has been rapidly expanding his media and entertainment empire. He oversees television channels such as MTV, Nickelodeon, and Comedy Central in India. Furthermore, his streaming platform competes with industry giants like Netflix and Disney+ Hotstar.
Viacom18’s shareholder roster includes Ambani’s Reliance, as well as Paramount Global and Bodhi Tree, a joint venture between James Murdoch and former high-ranking Disney executive Uday Shankar.
According to two insiders familiar with the office relocation plans, Viacom18 is undertaking this move to consolidate all its business units, encompassing areas such as taxation, finance, sports, and digital operations, under one roof.
The relocation is expected to be completed by December, as per these sources.
In a separate development, Blackstone is in the final stages of planning an initial public offering for its real estate investment trust in India, which will include assets from Nucleus Office Parks. Indian media reports from June highlighted this move. Blackstone has expressed confidence in the Indian market’s performance, managing assets valued at $50 billion in the country, spanning private equity and real estate. In the past year alone, it has generated over a billion dollars in real estate share sales.
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