L&T Realty, and Singapore-listed CapitaLand India Trust Management, trustee-manager of CapitaLand India Trust (CLINT), have entered into a non-binding term sheet for a commercial platform to develop close to six million sq ft of office spaces across Bengaluru, Chennai and Mumbai.
Under this platform, L&T will build and develop office spaces – while CLINT will market the office spaces.
Depending on the completion of these developments, CLINT expects majority of the capital commitment for the projects to start from H2 2024 onwards. CLINT will acquire the ownership of these properties in a phased manner.
As at 30 June 2022, CLINT’s assets under management stand at $2.5 billion. Its portfolio includes eight IT business parks, one logistics park, one industrial facility and one data centre development in India, with total completed floor area of 15.5 million sq ft spread across Bengaluru, Chennai, Hyderabad, Pune and Mumbai.