Samsung R&D Institute renews Bagmane property lease in Bengaluru, pays annual rent of over Rs 50 cr

The lease started on June 4, 2024, and there will be a 5 percent escalation in monthly rent every year, the document showed.

Samsung R&D Institute India-Bangalore Pvt Ltd, the company’s largest software research and development centre outside South Korea, has renewed its property lease in Bagmane's IT/ITeS Special Economic Zone (SEZ), located in the IT corridor of Outer Ring Road, for a monthly rent of Rs 4.3 crore, documents accessed by data and analytic firm Propstack showed.

The 4.2 lakh sq ft property is located in Bagmane Goldstone building, a part of the Bagmane World Technology Centre, and the total lease period is 60 months. The lease started on June 4, 2024, and there will be a 5 percent escalation in monthly rent every year, the document showed.

Samsung paid a deposit of Rs 40.4 crore for the transaction and the annual rent is about Rs 51.6 crore. The company is paying for about Rs 102 per sq ft per month for the property lease in Bengaluru. The company leased the property across 11 floors and the owner is SBG Software Private Limited.

The leased property has 562 car parking slots and 10 exclusive elevators in the building, the document showed.

Queries sent to Samsung did not elicit any response.

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Souptik Datta

Sub Editor|Moneycontrol

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Samsung R&D Institute (SRI-B) is the company's largest R&D centre of the conglomerate outside its home country, South Korea. The organisation has executed close to 300 projects since its formation. SRI-B works with several organisations involved in the field of software and technology in India.

The company initially leased the space in February 2019, the documents show. The Bagmane WTC Park covers a space of 52 acres of land and a total built-up space of 6 million sq ft.