Mumbai: CapitaLand India Trust, a Singapore-based Real Estate Investment Trust (REIT) formerly known as Ascendas India Trust, part of CapitaLand Group, has recently acquired realty developer Aurum Ventures’ 22-storey, 8.5 lakh square feet office tower in Navi Mumbai for Rs 707 crore. The deal follows a forward purchase agreement made in May 2018 between Aurum Ventures and Ascendas India Trust (now CapitaLand India Trust).
This acquisition is one of the largest for a standalone commercial tower by a global institutional investor in India. The LEED Platinum-rated building boasts the highest rentals in Navi Mumbai and comprises multinationals such as DP World, Mizuho Bank, Lloyd Register, IdeaForge, Technip, ICICI Bank, and Axis Bank among its tenants.
Aurum Q Parc is set to further enhance its appeal with the upcoming operationalization of ‘Aurum Square’, a retail galleria featuring a 1,000-seater Cinepolis multiplex and over 10 branded restaurants. Further, Aurum is constructing another office building, Q3, on the same campus, covering an area of
1.3 million sq ft and slated to be completed by December 2027.
Aurum Group operates in four key areas: Investment, Management, Development, and PropTech with over 1000 professionals engaged in acquisition, design, project management, development, sales, leasing, hospitality, property management and PropTech. Their development portfolio spans across 7 million square feet with commercial, luxury residential and retail. The group has delivered marquee projects across Mumbai Metropolitan Region and has projects under construction in South Mumbai, Western Suburbs, Navi Mumbai and Thane. With over 1000 professionals, engaged in acquisition, design, project management, development, sales, leasing, hospitality, property management and PropTech.
Its technology arm, Aurum PropTech, is publicly listed on Indian stock exchanges and is present in 17 cities across the country engaged in delivering Technology, Capital and Services with an integrated Data Strategy to B2C and B2B clients. In June 2023, Aurum PropTech acquired NestAway, India’s largest rental marketplace, from investors including Goldman Sachs and Tiger Global. Its Investment vertical of Aurum acquired 14% in Shriram Properties Ltd in March 2023. Mr Ashish Deora, founder and CEO of the group joined the board of Shriram Properties post this acquisition.
Additionally, Mr Ashish Deora said,” In the past 5 years India Real Estate has attracted USD 4.5 billion investments annually from FIIs and domestic funds. International investors are eager to tap into Indian real estate enterprises who can acquire, build, monetize and manage on a large scale that suits their investment appetite. We are glad to have demonstrated our prowess of delivering an international
grade product, upgrading the micro market to a BFSI destination, enhancing consumer experience for campus occupants and thus creating value across all stakeholders with our full stack capabilities.”