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L&T, CapitaLand tie up to develop office space
L&T, CapitaLand tie up to develop office space
L&T Realty, the real estate development arm of L&T and Singapore-listed CapitaLand India Trust Management Pte Ltd, trustee-manager of CapitaLand India Trust (CLINT), said it recently entered a non-binding term sheet for a commercial platform. Under the joint venture, six million square feet (0.56 million square metres) of prime office spaces across Bengaluru, Chennai and Mumbai, will be developed.
Hyderabad: L&T Realty, the real estate development arm of L&T and Singapore-listed CapitaLand India Trust Management Pte Ltd, trustee-manager of CapitaLand India Trust (CLINT), said it recently entered a non-binding term sheet for a commercial platform. Under the joint venture, six million square feet (0.56 million square metres) of prime office spaces across Bengaluru, Chennai and Mumbai, will be developed.
With the agreement in place, L&T will build and develop office spaces while Clint will market the office spaces. On the completion of these developments, Clint said it expects majority of the capital commitment for the projects to start from H2 of 2024 onwards. Besides, Clint will be acquiring the ownership of these properties in a phased manner.
Shrikant Joshi, CEO and MD, L&T Realty said, "Indian office leasing market continues to grow with demand for quality office space from international and domestic clients. The net absorption space for January-September 2022 period stood at a three-year high of 30.3 million square feet (2.8 million square metres). We are pleased to have forged partnership with Clint for premium office space in the three top metropolises of India."
Both the parties might make an announcement at a later date after definitive agreements are signed.
Sanjeev Dasgupta, CEO of the trustee-manager said, "The proposed commercial platform with L&T provides Clint an opportunity to scale up its presence across three major cities in well-established micro-markets. Furthermore, L&T's strong track record in project development and Clint's customer network and leasing capabilities will create synergies across the platform."
