CapitaLand India Trust (CLINT) has entered into a forward purchase agreement with Maia Estates Offices Private Limited, an affiliate of Bangalore-based luxury residential developer Maia Group, to acquire an office project at Nagawara, Outer Ring Road (ORR) in the Bangalore province of India.
The acquisition of the prime office project is expected to improve the earnings and distributions for unitholders. Net profit from the acquisition is forecast to be approximately S$7.7 million ($5.8 million) on a stabilized basis, while distribution per unit is expected to increase from 6.84 cents to 6.96 cents, based on projected financials.
Sitting on a land parcel of approximately 4.6 acres, the office project is part of a mixed-used development with a total net leasable area of approximately 1.36 million square feet. The mixed-use development is a flagship commercial project of Maia, comprising office and retail space with net leasable areas of 1.13 million square feet and 2
