Ascendas acquires Aurum’s 22-storey Navi Mumbai office tower for Rs 707 cr
CapitaLand India Trust, formerly known as Ascendas India Trust, part of CapitaLand Group, has acquired realty developer Aurum Ventures’ 22-storey, fully leased sustainable office tower, spread over 8.5 lakh sq ft in Navi Mumbai’s Ghansoli locality, for Rs 707 crore, said people with direct knowledge of the development.
The deal is among the largest acquisitions of a standalone commercial tower by any global institutional investor in India.
CapitaLand India Trust Management has acquired the multi-tenanted tower ‘Building Q2’ in Aurum Q Parc in its capacity as trustee-manager of CapitaLand India Trust, a Real Estate Investment Trust (REIT) focusing on India.
“As part of the agreement, in addition to the gross consideration, Aurum will be paid for incremental leasing within 12 months from the date of the acquisition,” said one of the persons mentioned above.
The deal follows a forward purchase agreement between Aurum Ventures and Ascendas India Trust, entered in May 2018. The definitive agreements between both entities have now been executed to acquire all the issued share capital in the Building Q2 for a gross consideration of around Rs 707 crore.
Earlier, in November 2021, Ascendas had acquired the first office building, Q1, measuring 6.2 lakh sq ft in the same commercial campus for Rs 353 crore. The cumulative monetization for Aurum under the forward purchase agreement has crossed Rs 1,070 crore with both these transactions.
The said office tower, ‘Building Q2,’ counts multinational companies and marquee
