In a significant real estate transaction, CapitaLand India Trust (CLINT) has finalized the acquisition of Building Q2 at Aurum Q Parc in Navi Mumbai. The deal, valued at approximately Rs 6.76 billion (S$ 108.99 million), involves a 0.82 million sq ft multi-tenanted IT Non-SEZ office building.
In addition to the initial purchase price, an extra sum of around Rs 0.30 billion (S$ 4.81 million) is anticipated as deferred consideration. This additional payment will be contingent upon Aurum Ventures meeting certain pre-agreed business milestones.
Building Q2 is fully leased to a diverse mix of prominent companies, including Mizuho Bank, DP World, ICICI Bank, Axis Securities, John Cockerill, ideaForge Technology, and Shriram Finance. This ensures a stable income stream and enhances the strategic value of the acquisition.
This acquisition follows the completion of Building Q1, an IT SEZ building, on November 23, 2021. Building Q1 boasts a committed occupancy of 94%. Together, Buildings Q1 and Q2 contribute a total of 1.47 million sq ft to CLINT’s expanding portfolio.
With the addition of Building Q2, the total completed floor area of CLINT's portfolio has grown by approximately 4%, reaching about 21.8 million sq ft. This acquisition reinforces CLINT’s position as a leading player in the Indian commercial real estate market and highlights its commitment to strategic growth and diversification.
Key Highlights:
This acquisition is a strategic move by CapitaLand India Trust to solidify its footprint in Navi Mumbai’s dynamic business landscape, promising robust growth and enhanced portfolio value.
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