CapitaLand India Trust Acquires 22-Storey Office Tower in Navi Mumbai for Rs 707 Crore
Singapore-based CapitaLand India Trust has acquired a 22-storey sustainable office tower in Navi Mumbai's Ghansoli locality for Rs 707 crore, marking one of the largest acquisitions of a standalone commercial tower by any global institutional investor in
Real EstateOffice SpaceNavi MumbaiCapitaland India TrustAurum VenturesReal Estate MumbaiJul 21, 2024
The office tower, known as Building Q2, is spread over 8.5 lakh sq ft and has a LEED Platinum rating. It is a multi-tenanted tower with a mix of marquee clients, including DP World, Mizuho Bank, Lloyd Register, IdeaForge, Technip, ICICI Bank, and Axis Bank.
The deal follows a forward purchase agreement between Aurum Ventures and Ascendas India Trust, entered in May 2018. The definitive agreements between both entities have now been executed to acquire all the issued share capital in the Building Q2 for a gross consideration of around Rs 707 crore.
Earlier, in November 2021, Ascendas had acquired the first office building, Q1, measuring 6.2 lakh sq ft in the same commercial campus for Rs 353 crore. The cumulative monetization for Aurum under the forward purchase agreement has crossed Rs 1,070 crore with both these transactions.
The campus, Aurum Q Parc, is expected to soon operationalize a retail galleria, 'Aurum Square,' including a 1000-seater Cinepolis multiplex, over 10 branded multi-cuisine and fine-dine restaurants boasting sky lounges, indoor seating, and sky decks. Aurum is constructing another 1.3-million-sq-ft office building, Q3, in the same campus, which is slated to be completed by December 2027.
The Indian real estate market is experiencing a buoyant phase, characterized by a surge in institutional investment despite global economic uncertainties. The optimistic outlook is largely due to the robust performance of key segments such as warehousing, residential, and office space.
Foreign investors continue to play a pivotal role, with significant contributions coming in from the Middle East, indicating their strong confidence in India's growth potential. The first half of 2024 has witnessed investment inflows of $3 billion, up 15% from a year ago, according to data from real estate consultancy Knight Frank India. Local private equity investors have also shown notable engagement, with their participation reaching levels not seen in the past decade.
Information
CapitaLand India Trust is a Real Estate Investment Trust (REIT) focusing on India. It is part of the CapitaLand Group, a leading real estate conglomerate headquartered in Singapore.
Aurum Ventures is a realty developer with a focus on sustainable and futuristic development projects. CapitaLand Group is a leading real estate conglomerate headquartered in Singapore, with a global presence and a portfolio of properties across various asset classes.
Frequently Asked Questions
Who acquired the 22-storey office tower in Navi Mumbai?
CapitaLand India Trust acquired the 22-storey office tower in Navi Mumbai from Aurum Ventures for Rs 707 crore.
What is the size of the office tower?
The office tower is spread over 8.5 lakh sq ft.
What is the LEED rating of the office tower?
The office tower has a LEED Platinum rating.
Who are the key tenants of the office tower?
The key tenants of the office tower include DP World, Mizuho Bank, Lloyd Register, IdeaForge, Technip, ICICI Bank, and Axis Bank.
What is the expected timeline for the completion of the Q3 office building in Aurum Q Parc?
The Q3 office building in Aurum Q Parc is expected to be completed by December 2027.
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