CapitaLand, L&T Realty ink deal to develop 6 million sq ft of office spaces in India

L&T will build the office spaces and CapitaLand will market them.

CapitaLand India Trust’s (CLINT) trustee-manager and L&T Realty have joined hands to develop about 6 million square feet of prime office spaces across  Bengaluru, Chennai and Mumbai in India. 

The non-binding term sheet the parties entered into will create a commercial platform which will provide CLINT with an opportunity to scale up its presence across the three major cities in well-established micro-markets.

Under the agreement, L&T will build and develop the office spaces and CLINT will be marketing them.

CLINT said it expects the majority of the capital commitment for the projects to start from 2H 2024 onwards.  The trust will acquire the ownership of these properties in a phased manner.