CapitaLand India Trust Acquires Building Q2 at Aurum Q Parc in Navi Mumbai for Rs 6.76 Billion
CapitaLand India Trust (CLINT) has successfully completed the acquisition of Building Q2, a multi-tenanted IT non-SEZ office building at Aurum Q Parc business park in Navi Mumbai. The purchase consideration for the acquisition amounts to approximately Rs 6.76 billion ($108.99 million). In addition, there is an expected deferred consideration of around Rs 0.30 billion ($4.81 million), subject to the accomplishment of pre-agreed business milestones by Aurum Ventures.
Building Q2, which spans an area of 0.82 million square feet, is fully leased to several prominent companies including Mizuho Bank, DP World, ICICI Bank, Axis Securities, John Cockerill, ideaForge Technology, and Shriram Finance. The acquisition of Building Q1, an IT SEZ building, was already completed on November 23, 2021, and boasts an impressive committed occupancy rate of 94%. Collectively, the addition of Building Q1 and Building Q2 contributes a total of 1.47 million square feet to CLINT’s portfolio.
With the strategic acquisition of Building Q2, CLINT has witnessed a 4% expansion in its entire completed floor area portfolio, bringing the total to approximately 21.8 million square feet.
This acquisition further strengthens CapitaLand’s presence in the Indian real estate market. CapitaLand Limited is a leading global real estate investment company headquartered and listed in Singapore. It manages a comprehensive portfolio of real estate investments, which includes commercial, retail, business parks, industrial and logistics, integrated developments, as well as urban developments.
The acquisition of Building Q2 at Aurum Q Parc in Navi Mumbai signifies CLINT’s commitment to expanding its presence and investment in India’s growing real estate sector. Navi Mumbai, in particular, has emerged as a significant commercial and IT hub, attracting diverse businesses and global corporations.
CapitaLand India Trust plans to harness the strong demand for high-quality office spaces in Navi Mumbai by leveraging its portfolio assets to provide world-class workspaces. The trust believes that by catering to the evolving workplace needs of businesses, it can contribute to the development and growth of the region’s economy.
The acquisition of Building Q2 at Aurum Q Parc in Navi Mumbai marks another milestone for CapitaLand India Trust in its pursuit of expanding its real estate investment portfolio. With their strategic acquisitions and focus on delivering top-notch office spaces, CLINT aims to position itself as a key player in the Indian real estate market.
As Navi Mumbai continues to flourish as an emerging commercial and IT hub, CLINT’s investment in prime assets like Building Q2 will not only contribute to the trust’s growth but also cater to the rising demand for top-quality office spaces in the region.
