CapitaLand India Trust Acquires Rs 676 Crore Office Building in Navi Mumbai

CapitaLand India Trust (CLINT) has finalized the acquisition of an office building in Navi Mumbai from Aurum Ventures for Rs 676 crore. The announcement highlights CLINT’s continued expansion in the Indian real estate market.

The acquired property, known as Building Q2, is a 0.82 million sq ft multi-tenanted IT Non-SEZ office building located at the Aurum Q Parc business park in Navi Mumbai. The transaction value stands at approximately Rs 6.76 billion (Rs 676 crore). An additional Rs 30 crore is anticipated as deferred consideration, contingent on Aurum Ventures Private Limited meeting pre-established business milestones.

Building Q2 is fully leased to a mix of reputed Indian and multinational companies, enhancing its attractiveness as an investment. This acquisition is part of a forward purchase agreement between CLINT and Aurum Ventures announced in May 2018. CLINT had previously acquired Building Q1, an IT SEZ building, which was completed in November 2021 and boasts a committed occupancy rate of 94 percent.

Together, Building Q1 and Building Q2 contribute a total of 1.47 million sq ft to CLINT’s portfolio, further consolidating its presence in the Indian office space sector. This strategic acquisition underscores CLINT’s commitment to expanding its assets and reinforcing its position in the burgeoning real estate market in India.