CapitaLand India Trust acquires office building in Navi Mumbai for upto Rs 706 cr

CapitaLand India Trust had already acquired the Q1 building at the Aurum Q Parc, NaVi Mumbai (Picture courtesy: CapitaLand India Trust)

CapitaLand India Trust has announced that it has acquired the building Q2 at the Aurum Q Parc office building in Ghansoli, Navi Mumbai from Aurum Ventures Pvt Ltd, for a sum that may reach Rs 706 crore. The trust, owned by Singaporean property major CapitaLand, had already purchased Q1, the other building in the Aurum Q Parc development, built by Aurum Ventures.

Of the total consideration of Rs 706 crore that CapitaLand is expected to pay for the acquisition, it is paying Rs 676 crore as the initial purchase consideration, while the remaining Rs 30 cr will be paid subject to business milestones achieved by Aurum Ventures, CapitaLand India Trust said in a press release.

The release from CapitaLand India Trust, which is backed through its parent by the Singaporean government investment fund Temasek, said that the initial agreement to purchase the two buildings from Aurum Ventures was signed in 2018. While the building Q1 is designated as a Special Economic Zone, the newly-acquired Q2 is not. CapitaLand India Trust said that the Q2 building counts Axis Securities, DP World, John Cockerill, Shriram Finance, among others, as clients, with the building being fully leased.

The acquisition takes CapitaLand India Trust's portfolio to 21.8 million sq ft. The Trust also has a logistics park in its portfolio, as well as an under-construction data centre.