In Short:
CapitaLand India Trust (CLINT) bought an office building in Navi Mumbai for ₹676 crore. The building, completed in 2021, has tenants like Mizuho Bank and ICICI Bank. CLINT now owns 2.2 crore sq ft of real estate in Mumbai, including two buildings in a business park, a logistics park, and a data centre. They aim to own income-producing real estate in India.
CapitaLand India Trust Acquires IT Office Building in Navi Mumbai
Exciting news alert! CapitaLand India Trust (CLINT) has just made a big move by acquiring a 8.2-lakh-sq-ft multi-tenanted IT non-SEZ office building at a business park in Navi Mumbai for ₹676 crore. The building, known as Building Q2 in Aurum Q Parc Business Park, was completed in 2021 and is home to big tenants like Mizuho Bank, DP World, ICICI Bank, and more.
Key Highlights
Not only did CLINT pay ₹676 crore for the building, but they also agreed to pay an additional ₹30 crore as deferred consideration. This extra payment is subject to the achievement of pre-agreed business milestones by Aurum Ventures, the seller.
With this acquisition, CLINT’s portfolio has now grown by 4 per cent, reaching a total of 2.2 crore sq ft. In Mumbai, CLINT now owns one business park, one logistics park, and one data centre that is currently under development.
Purchase Agreement Details
This isn’t the first time CLINT has worked with Aurum Ventures. In fact, Building Q2 is the second building that CLINT has acquired from them. The first building, Building Q1, was completed in 2021 and boasts a committed occupancy rate of 94 per cent. Together, Building Q1 and Building Q2 add a total of 14.7 lakh sq ft to CLINT’s portfolio.
Sanjeev Dasgupta, CEO of CapitaLand India Trust, shared, “We have seen strong leasing interest and rental growth in Building Q2 due to demand from multinational companies seeking a convenient base. With its close proximity to transport networks like Ghansoli railway station and the upcoming international airport in Navi Mumbai, Aurum Q Parc is an ideal location for businesses.”
It’s important to note that CLINT’s main goal is to own income-producing real estate used primarily as business space in India. The recent acquisition of Building Q2 is just one step in their larger strategy for growth and success.
