L-;T-led realty arm signs agreement with CapitaLand India Trust to develop prime office spaces in India

7 Nov 2022 , 11:11 AM

L&T Realty, the Real Estate Development arm of Larsen & Toubro and Singapore-listed CapitaLand India Trust Management Pte. Ltd., trustee-manager of CapitaLand India Trust (CLINT), have entered into a non-binding term sheet for a commercial platform to develop close to 6 million square feet (0.56 million square metres) of prime office spaces across Bengaluru, Chennai and Mumbai in India.

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 2H 2024 onwards. CLINT will acquire the ownership of these properties in a phased manner, the company said.

On this occasion, Shrikant Joshi, CEO & 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 (2.8 million square metres). We are delighted to have forged partnership with CLINT for premium office space in the three top metropolises of India.”

Notably, both parties will make an announcement at a later date when definitive agreements are signed, the company said on Monday.

At around 11:17 AM, Larsen & Toubro Ltd is currently trading at Rs2,017.70 per share up by Rs2.8 or 0.14% from its previous closing of Rs2,014.90 per share on the BSE.

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