The office project is part of a mixed-used development comprising office and retail space. AS part of the forward purchase agreement, CLINT will fully fund the development of the office project and receive interest on the funding at a rate which is higher than its borrowing cost.
Upon completion of the development, CLINT is expected to acquire the office space in 1H2030, and Maia will retain the retail portion. This will increase the operational area of CLINT’s portfolio in Bangalore to 9.9 million sq ft, from the current 8.7 million sq ft.
CLINT’s other properties under development in Bangalore are two office buildings in Gardencity, an IT Park at Hebbal, and an IT park at ITPB.
With the acquisition of the office project, CLINT’s portfolio size inclusive of committed investment pipeline will increase by 4.0% from approximately 30.2 million sq ft to approximately 31.47 million sq ft.
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“The acquisition of this strategically located office project will further strengthen CLINT’s presence in Bangalore, one of India’s most prominent office markets. In 2024, Bangalore had the highest ever leasing levels for Grade A office space. ORR is the largest office micro-market in Bangalore. With the addition of this prime office property, we will be able to provide our tenants with a larger offering of premium office space options across key micro-markets in Bangalore,” says CEO of CLINT, Gauri Shankar Nagabhushanam.
Units in CLINT closed flat at $1 on Feb 21.
