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CapitaLand India Trust (CLINT) has announced its intention to acquire an office project in Nagawara, Outer Ring Road, Bangalore, for $233.6 million through a forward purchase agreement with Maia Estates Offices.
The acquisition of this 1.13 million sq ft office project is expected to have a positive impact on earnings and distributions for unitholders. On a stabilized basis, net profit is projected to be $7.7 million, while distribution per unit is expected to increase from 6.84 cents to 6.98 cents.
The office project is part of a mixed-use development that includes both office and retail space. Under the terms of the forward purchase agreement, CLINT will fully fund the development of the office project and receive interest on the funding at a higher rate than its borrowing cost.
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Upon completion of the development, which is estimated to be in the first half of 2030, CLINT will acquire the office space and Maia will retain the retail portion. This will expand CLINT’s operational area in Bangalore to 9.9 million sq ft, up from the current 8.7 million sq ft.
CLINT’s other properties under development in Bangalore include two office buildings in Gardencity, an IT Park at Hebbal, and another IT park at ITPB.
With the addition of the office project, the total size of CLINT’s portfolio, including committed investment pipeline, will increase by 4.0% from approximately 30.2 million sq ft to approximately 31.47 million sq ft.
According to CEO of CLINT, Gauri Shankar Nagabhushanam, “The acquisition of this strategically located office project will further enhance CLINT’s presence in Bangalore, one of India’s most prominent office markets. In 2024, Bangalore recorded its highest ever leasing levels for Grade A office space. ORR is the largest office micro-market in Bangalore, and with the addition of this prime office property, we will be able to provide our tenants with a wider range of premium office space options across key micro-markets in Bangalore.”
On Feb 21, units in CLINT remained unchanged at $1.