CapitaLand India Trust Acquires Navi Mumbai Office Building for ₹676 Crore.

CapitaLand India Trust (CLINT) has expanded its portfolio with the acquisition of an 8.2-lakh-sq-ft multi-tenanted IT non-SEZ office building in Navi Mumbai's Aurum Q Parc Business Park for ₹676 crore. The building, named Q2, was completed in 2021 and houses tenants such as Mizuho Bank, DP World, ICICI Bank, Axis Securities, John Cockerill, ideaForge Technology, and Shriram Finance.

In addition to the initial purchase price, CLINT will pay an additional ₹30 crore as deferred consideration, contingent on Aurum Ventures, the seller, achieving pre-agreed business milestones.

This acquisition increases CLINT’s total portfolio by approximately 4 percent, bringing it to 2.2 crore sq ft. In Mumbai, CLINT now owns one business park (comprising Buildings Q1 and Q2), a logistics park (Arshiya Panvel with seven operating warehouses), and a data centre under development (CapitaLand Data Centre Navi Mumbai 1).

Building Q2 is the second building acquired by CLINT through a forward purchase agreement with Aurum Ventures, initially announced in 2018. The first building, Q1, an IT SEZ building, was acquired in 2021 and has a committed occupancy of 94 percent. Together, Buildings Q1 and Q2 contribute a total of 14.7 lakh sq ft to CLINT’s holdings.

“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,” stated Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust.

Singapore-listed CLINT focuses on owning income-producing real estate used primarily as business space in India.

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