CapitaLand India Trust, L&T Realty to develop 6m sq ft of India office space

CAPITALAND India Trust (Clint) has tied up with Indian property developer L&T Realty to develop nearly 6 million square feet of prime office space across Bengaluru, Chennai and Mumbai in India.

Clint will acquire these properties in a phased manner, both parties said in a joint press statement on Monday (Nov 7). They have inked a non-binding term sheet for a commercial platform.

L&T Realty will build and develop the office spaces, while Clint markets them. The latter’s manager expects most of the capital commitment for the projects to start in the second half of 2024.

L&T Realty is the real estate arm of Mumbai-headquartered conglomerate Larsen and Toubro (L&T), which has businesses in the construction, hydrocarbon, power, minerals and metals, heavy engineering, defence and mining sectors, to name a few.

Clint units were trading 0.9 per cent or S$0.01 lower at S$1.10 as at the midday trading break on Monday.