CapitaLand India Trust Invests ₹676 Crore in Navi Mumbai Office Building

CapitaLand India Trust (CLINT) has recently enhanced its real estate portfolio by acquiring an 8.2-lakh-sq-ft office building in Navi Mumbai's Aurum Q Parc Business Park for ₹676 crore. The newly acquired building, named Q2, was completed in 2021 and is currently occupied by prominent tenants including Mizuho Bank, DP World, ICICI Bank, Axis Securities, John Cockerill, ideaForge Technology, and Shriram Finance. This investment reflects CLINT’s strategic expansion into high-demand IT office spaces.

In addition to the purchase price, CLINT will pay an extra ₹30 crore as deferred consideration, subject to Aurum Ventures meeting specific business milestones. This transaction boosts CLINT’s total portfolio by around 4 percent, now reaching 2.2 crore sq ft. The trust’s Mumbai holdings now include the Q1 and Q2 buildings, a logistics park, and an upcoming data centre.

Building Q2 is the second acquisition from Aurum Ventures under a forward purchase agreement, with the first being the Q1 IT SEZ building acquired in 2021. The Q1 and Q2 buildings collectively add 14.7 lakh sq ft to CLINT’s portfolio. Sanjeev Dasgupta, CEO of CapitaLand India Trust, highlighted strong leasing interest and rental growth for Q2, driven by its strategic location near transport links and the new international airport.

News by Rahul Yelligetti