CapitaLand India Trust Expands Portfolio with Purchase of Q2 Building in Navi Mumbai
Navi Mumbai, 22nd July 2024: CapitaLand India Trust has announced its acquisition of the Q2 building in the Aurum Q Parc office complex located in Ghansoli, Navi Mumbai, from Aurum Ventures Pvt Ltd. The transaction, which could total up to Rs 706 crore, follows CapitaLand India Trust’s earlier purchase of the Q1 building within the same development.
For this acquisition, CapitaLand India Trust will initially pay Rs 676 crore, with an additional Rs 30 crore contingent upon the achievement of specific business milestones set by Aurum Ventures, as outlined in the press release.
The initial agreement for purchasing both buildings was made in 2018. While the Q1 building is designated as a Special Economic Zone, the newly acquired Q2 is not. The Q2 building, which is fully leased, hosts several notable clients, including Axis Securities, DP World, John Cockerill, and Shriram Finance.
With this acquisition, CapitaLand India Trust’s total portfolio expands to 21.8 million square feet, including a logistics park and an under-construction data centre. The trust is backed by Temasek, the Singaporean government’s investment fund.
