CapitaLand India Trust to buy 1.13 million sq ft office project in Bangalore

Net profit from the acquisition is expected to be $7.7m.

CapitaLand India Trust (CLINT) has signed a forward purchase agreement with Maia Estates Offices Private Limited, a subsidiary of luxury residential developer Maia Group, to acquire an office project in Nagawara, Outer Ring Road (ORR), Bangalore. The estimated purchase price for the office space is $233.6m (INR 14,717m)

The acquisition is expected to boost earnings, with projected net profits of $7.7m and an increase in distribution per unit from $0.0684 to $0.0696.

The 4.6-acre project is part of a mixed-use development with 1.36 million sq ft of net leasable space, including 1.13 million sq ft of office and 0.22 million sq ft of retail. Under the agreement, CLINT will fully fund the office project’s development and earn interest on the funding at a rate exceeding its borrowing cost.

Upon completion and stabilization, CLINT is expected to acquire the office component in the first half of 2030, whilst Maia will retain the retail portion.

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