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CapitaLand India Trust (CLINT) is on the lookout for new investment opportunities in India. The real estate investment trust has announced its intention to acquire an office project in Nagawara, Outer Ring Road, Bangalore, for a total cost of $233.6 million. This acquisition will be made possible through a forward purchase agreement with Maia Estates Offices.
According to the management team, the acquisition of this 1.13 million sq ft office project is expected to bring about significant improvements in earnings and distributions for unitholders. On a stabilized basis, net profit is forecasted to reach $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 comprising office and retail space. Under 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 expected to be in 1H2030, CLINT will acquire the office space, while Maia will retain the retail portion. This will further increase the operational area of CLINT’s portfolio in Bangalore to 9.9 million sq ft, up from the current 8.7 million sq ft.
In addition to this office project, CLINT has other properties under development in Bangalore, including two office buildings in Gardencity, an IT Park at Hebbal, and another IT park at ITPB.
Through this acquisition, CLINT’s portfolio size, inclusive of its committed investment pipeline, will grow by 4.0% from approximately 30.2 million sq ft to approximately 31.47 million sq ft.
“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. 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,” says Gauri Shankar Nagabhushanam, CEO of CLINT.
On Feb 21, units in CLINT closed flat at $1.