Tata's reality arm announced acquisition of Peepul Tree Properties on Monday. Peepul Tree Properties' current owner Kotak India Real Estate Fund I also confirmed the news.

As per the deal, Tata Reality and Infrastructure Limited (TRIL) and Tata Reality Initiatives Fund 1(TRIF 1) acquired Peepul Tree Properties Private Limited for Rs 5,24 crore or USD 117 million.

Peepul Tree owns IT/ITes Park in Mumbai. Company leases its IT park include reputed names like Accenture, TATA AIG, Mphasis, BNP Paribas, Integreon and Prana Studios.

Tata Reality managing director, Sanjay Ubale confirmed the deal and informed that this acquisition is a part of company's plans of penetration into commercial IT space. He said "This acquisition is a step forward in implementing the company's strategy to have a national presence in the commercial/ IT space."

He further said that with this investment, Tata Reality has now made it firm presence in Mumbai with a fully operational and valued asset. Company believes this acquisition clears its way to more presence in the sector.

Ubale said that this acquisition is exactly in line with the company's growth strategy. He added that this sector is promising and high growth rate is assured. The company aims to have a significant role in the industry.