CapitaLand India Trust (CLINT) has entered into a forward purchase agreement with Maia Estates Offices Private Limited, an affiliate of Bangalore-based luxury residential developer Maia Group (Maia), to acquire an office project at Nagawara, Outer Ring Road (ORR), Bangalore.

The acquisition of the prime office project is expected to improve the earnings and distributions for Unitholders. Net profit from the acquisition is forecasted to be approximately S$7.7 million on a stabilised basis, while distribution per unit is expected to increase from 6.84 cents to 6.96 cents, based on projected financials.

Sitting on a land parcel of approximately 4.6 acres, the office project is part of a mixed-used development with a total net leasable area of approximately 1.36 million sq ft. The mixed-use development is a flagship commercial project of Maia, comprising office and retail space with net leasable areas of 1.13 million sq ft and 0.22 million sq ft respectively. As part of the forward purchase arrangement, 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 and stabilisation, CLINT is expected to acquire the office space in 1H 2030, while Maia will retain the retail portion. The purchase price of the office space is estimated to be INR14,717 million / S$233.6 million.