CLINT – CapitaLand India Trust has closed the deal of acquiring the Building Q2, a 0.82 million square feet multi-tenanted IT Non-SEZ office building at Aurum Q Parc Business Park located in Navi Mumbai, India, for a purchase consideration of probably Rs.6.76 billion.
In addition, a sum of Rs.0.30 billion is projected to be paid as delayed contemplation, subject to the achievement of pre-determined business achievements by Aurum Ventures.
The Building Q2 has been completely leased to esteemed Indian and multinational ventures including Mizuho Bank, Shriram Finance, DP World, ICICI Bank, Axis Securities, John Cockerill and ideaForge Technology.
Expressing to this significant acquirement, Sanjeev Dasgupta, Chief Executive Officer, CapitaLand India Trust Management (the Trustee-Manager of CLINT), states, “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 capitalize on the growing demand for business parks and remains committed to delivering sustainable returns to our unit holders.”
The Building Q2 is the second of two buildings that CapitaLand India Trust has obtained through a forward purchase agreement that was announced on 14th May 2018. The achievement of acquiring the Building Q1, an IT SEZ building was finished on 23rd November 2021 and has a dedicated occupancy of 94 percent. Together, Building Q1 and Building Q2 adds a total of 1.47 million square feet to the portfolio of CLINT.
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