CapitaLand India Trust Completes Acquisition of Building Q2 in Navi Mumbai for ₹6.76b

CapitaLand India Trust (CLINT) has finalized the acquisition of Building Q2, a 0.82 million sq ft multi-tenanted IT Non-SEZ office building located at Aurum Q Parc business park in Navi Mumbai.

The purchase consideration stands at approximately ₹6.76 billion (S$108.99 million). An additional ₹0.30 billion (S$4.81 million) is expected to be paid as deferred consideration, contingent on Aurum Ventures Private Limited (the Vendor) achieving pre-agreed business milestones.

Building Q2 is fully leased to prominent Indian and multinational corporations, including Mizuho Bank, DP World, ICICI Bank, Axis Securities, John Cockerill, ideaForge Technology, and Shriram Finance.

This acquisition marks the completion of the second building CLINT has acquired through a forward purchase agreement with the Vendor, initially announced on May 14, 2018.

The first building, Building Q1, an IT SEZ building, was acquired on November 23, 2021, and boasts a committed occupancy of 94%. Together, Building Q1 and Building Q2 contribute a total of 1.47 million sq ft to CLINT’s growing portfolio.

Navi Mumbai has emerged as a key destination for IT companies and related services, benefiting from robust infrastructure development and strategic location advantages. The city’s connectivity and upcoming projects, such as the international airport, have made it an attractive hub for multinational corporations seeking expansion in India.

With the successful acquisition of Building Q2, CLINT continues to strengthen its presence in India’s rapidly growing commercial real estate market, reinforcing its strategy to deliver value through strategic acquisitions and sustainable growth.

The trust remains focused on enhancing its portfolio, leveraging market opportunities, and meeting the evolving needs of its tenants and stakeholders.

CapitaLand India Trust, managed by CapitaLand India Trust Management Pte. Ltd., is a leading provider of business space solutions in India.

The trust’s portfolio spans key cities, offering a range of facilities designed to meet the diverse requirements of its clients, from IT and business process outsourcing companies to financial services and other sectors.

Business News Asia

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