Listed developer Kalpataru Ltd has sold around 93,000 square feet of office space at its upcoming Kalpataru Virtus development in Vikhroli, Mumbai, for Rs 304 crore, according to registration documents seen by Moneycontrol.
The buyer has been identified as global shipping firm Bernhard Schulte Shipmanagement's India unit.
According to sources, the firm bought the units from the 15th to the 20th floors of the under-construction property. The building is expected to be completed by 2029, while the handover to the buyer is expected by 2027. The 33 storey-property is situated on a 1.12- acre land parcel, near the intersection of the arterial Jogeshwari-Vikhroli Link Road and the Lal Bahadur Shastri Marg.
Bernhard Schulte Shipmanagement (BSM), headquartered in Hamburg, Germany, is one of the largest providers of marine and shipping services, globally. Part of the Schulte Group, the firm provides management services for vessels of various kinds, such as oil and gas tankers, container ships, bulk carriers, and cruise ships.
In an e-mailed statement, the company confirmed the transaction, saying that the investment reflects its "ongoing commitment" to India to grow its maritime sector.
"India is an important market for BSM because of its large pool of skilled seafarers and its growing importance in global trade. Over the last decades, the company has been continuously expanding its presence and investing in its training facilities, such as our Maritime Training Centre in Kochi, to develop this talent and meet global demand for qualified crew. The market also offers opportunities for BSM's other services, such as technical consultancy and specialised maritime services," the statement added.
Kalpataru did not respond to a request for comment on the transaction.
While Kalpataru is largely known for its premium residential real estate play, it has also focused on construction and sale of prominent commercial properties, mainly in Mumbai. Over the past year, the company has sold significant office space at its properties, such as at Kalpataru Infinia in Santacruz, to firms such as Bennett Coleman and Company Ltd (BCCL), and ICICI Prudential, among others, besides family offices.
As on date, Kalpataru has around 2,50,000 square feet of commercial space available for sale, sources said.
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