CapitaLand India Trust acquires Navi Mumbai business park

22 Jul 2024 CW Team

CapitaLand India Trust (“CLINT”) has completed the acquisition of Building Q2, a 0.82 million sq ft multi-tenanted IT Non-SEZ office building at Aurum Q Parc business park in Navi Mumbai, India, for a purchase consideration of approximately ₹ 6.76 billion2 . Additionally, a sum of approximately ₹ 0.30 billion is expected to be paid as deferred consideration, subject to the achievement of pre-agreed business milestones by Aurum Ventures (Vendor).

Building Q2 has been fully leased to reputed Indian and multinational companies such as Mizuho Bank, DP World, ICICI Bank, Axis Securities, John Cockerill, ideaForge Technology and Shriram Finance.

Sanjeev Dasgupta, Chief Executive Officer, CapitaLand India Trust Management (the Trustee-Manager of CLINT), said: “Acquisition of Building Q2 expands CLINT’s portfolio in Navi Mumbai, a thriving hub for IT and related services. We have seen strong leasing interest and rental growth in Building Q2 due to demand from multinational companies seeking a convenient base, as Aurum Q Parc is in close proximity to transport networks such as Ghansoli railway station and the upcoming international airport in Navi Mumbai. CLINT will continue to capitalise on the growing demand for business parks and remains committed to delivering sustainable returns to our unitholders.”

Building Q2 is the second of two buildings that CLINT has acquired through a forward purchase agreement with the Vendor, which was announced on 14 May 2018. The acquisition of Building Q1, an IT SEZ building, was completed on 23 November 2021 and has a committed occupancy of 94 percent. Collectively, Building Q1 and Building Q2 add a total of 1.47 million sq ft to CLINT’s portfolio.

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