 "CapitaLand India Trust to invest Rs 1k cr in Maia Group's Bengaluru project")
Singapore-based CapitaLand India Trust (CLINT) will provide around Rs 1,000 crore fund in a commercial project being developed by Maia Group in Bengaluru.
In a statement on Friday, CLINT said it has "entered into a forward purchase agreement with Maia Estates Offices Pvt Ltd to acquire an office project at Nagawara, Outer Ring Road (ORR), Bengaluru".
Maia Estates Offices is an affiliate of Bengaluru-based luxury residential developer Maia Group.
Sitting on a land parcel of about 4.6 acres, the office complex is part of a mixed-used development with a total net leasable area of approximately 1.36 million sq ft.
The mixed-use development is a flagship commercial project of Maia, comprising office and retail space with net leasable areas of 1.13 million sq ft and 0.22 million sq ft respectively.
"As part of the forward purchase arrangement, CLINT will fully fund the development of the office project and receive interest on the funding at a rate which is higher than its borrowing cost," the statement said.
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Upon completion of the development and stabilisation, CLINT is expected to acquire the office space in the first half of 2030. Maia Estate will retain the retail portion.
The purchase price of the office space is estimated to be Rs 14,717 million/ 233.6 million singapore dollar, it added.
Separately, Maia Estates announced a strategic partnership with CapitaLand to develop its flagship commercial project 'The Beacon'.
"Backed by a Rs 1,000 crore financing transaction from CapitaLand, Maia will deliver 1.2 million square feet of premium commercial space and 2,00,000 square feet of complementary food, beverage and entertainment spaces overlooking the lake," it added.
Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte Ltd (the Trustee-Manager of CLINT), said: "The proposed forward purchase acquisition will further strengthen CLINT's presence within Bengaluru, which remains one of India's most prominent office micro-markets".
Mayank Ruia, Founder and CEO of MAIA Estates, said this development is set to create new standards for modern office spaces, where design excellence, sustainability, and technology, converge on the magnificent Nagavara lakefront.
CLINT was listed on the Singapore Exchange Securities Trading Ltd (SGX-ST) in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India.