L&T Realty, the real estate wing of L&T and CapitaLand India Trust Management, trustee-manager of CapitaLand India Trust (CLINT) have signed a non-binding term sheet for a commercial platform to develop around six million sq ft of prime office spaces in India across Bengaluru, Chennai, and Mumbai.
Under the platform, L&T will develop office spaces and CLINT will market the office spaces. As per CLINT, majority of the capital commitment for the projects is likely to start from 2H 2024 onwards, depending on the completion of the developments. It will obtain 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.”
Sanjeev Dasgupta, chief executive officer 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.”
L&T Realty and CapitaLand India Trust will make an announcement at a later date once definitive agreements are signed.
