CapitaLand India Trust (CLINT) has acquired a 8.2-lakh-sq-ft multi-tenanted IT non-SEZ office building at a business park in Navi Mumbai for ₹676 crore.

Building Q2 in Aurum Q Parc Business Park was completed in 2021 and has tenants such as Mizuho Bank, DP World, ICICI Bank, Axis Securities, John Cockerill, ideaForge Technology and Shriram Finance.

In addition to the purchase consideration another ₹30 crore will be paid as deferred consideration, subject to the achievement of pre-agreed business milestones by Aurum Ventures, the seller.

With the acquisition of Building Q2, CLINT’s entire portfolio has increased about 4 per cent to reach 2.2 crore sq ft. In Mumbai, CLINT now has one business park (comprising two buildings — Building Q1 and Building Q2), one logistics park (Arshiya Panvel comprising seven operating warehouses), and one data centre under development (CapitaLand Data Centre Navi Mumbai 1).

Purchase agreement

Building Q2 is the second of two buildings that CLINT has acquired through a forward purchase agreement with Aurum Ventures, announced in 2018. The acquisition of Building Q1, an IT SEZ building, was completed in 2021 and has a committed occupancy of 94 per cent. Collectively, Building Q1 and Building Q2 add a total of 14.7 lakh sq ft to CLINT’s portfolio.

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

Singapore-listed CLINT’s principal objective is to own income-producing real estate used primarily as business space in India.