Capitaland India Trust Acquires IT Non-SEZ1 Office Building In Navi Mumbai

CapitaLand India Trust (“CLINT”) has completed the acquisition of Building Q2, a 0.82 million sq ft multi-tenanted IT Non-SEZ1 office building at Aurum Q Parc business park in Navi Mumbai, India, for a purchase consideration of approximately Rs 6.76 billion2 (S$ 108.99 million3).  Additionally, a sum of approximately Rs 0.30 billion (S$ 4.81 million) is expected to be paid as deferred consideration, subject to the achievement of pre-agreed business milestones by Aurum Ventures Private Limited4 (“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 of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT), said: “The 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%.  Collectively, Building Q1 and Building Q2 add a total of 1.47 million sq ft to CLINT’s portfolio.