MAIA Estate raises Rs 1,000 crore financing from CapitaLand India for Bangalore office project

Bengaluru: 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 purchase price of the office space is estimated to be Rs 1471.7 crore.

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 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 may vary and will depend on the net leasing rates once the project is completed and handed over. We have raised Rs 1,000 crore in financing as part of the deal with CapitaLand India for the Bangalore Office Project,” said Mayank Ruia, founder and CEO of MAIA Estates.

The office project is part of a 4.6-acre mixed-use development with a total net leasable area of approximately 1.36 million sq. ft. This mixed-use development marks Maia’s maiden commercial project, comprising office and retail space with net leasable areas of 1.13 million sq. ft. and 0.22 million sq. ft., respectively.

“We are actively expanding our commercial portfolio in Bengaluru and Chennai while exploring opportunities in other major metros, driven by rising office space demand from large corporations, including global capability centres,” Ruia said.

“The acquisition of this strategically located office project will further strengthen CLINT’s presence in Bangalore, one of India’s most prominent office markets. This forward purchase marks the beginning of our partnership with Maia, a luxury developer in Bangalore with a strong track record,” said Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT).

The acquisition of the office project is expected to improve 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.

Additionally, upon completion, the office project will increase CLINT’s operational area in Bangalore from 8.7 million sq. ft. to 9.9 million sq. ft.

In addition to this office project and International Tech Park Bangalore (ITPB), CLINT’s other properties under development in Bangalore include two office buildings in Garden City, an IT Park at Hebbal with a total net leasable area of up to 1.65 million sq. ft., Ebisu— a 1.0 million sq. ft. IT Park located at ORR— and a data centre in ITPB.

“During the construction period, CLINT’s investment in the project will be through divestment proceeds over the near term, debt, and internal resources. The forward purchase agreement will be executed upon completion of the office project construction and is subject to receipt of the occupancy certificate and the fulfilment of other key conditions. CLINT’s funding towards the development of the retail area will be repaid by Maia Estates Offices Private Limited at the time of the acquisition of the office space,” CapitaLand said.

Overall, with the acquisition of the office project, CLINT’s portfolio size, including its committed investment pipeline, will increase by 4.0% from approximately 30.2 million sq. ft. to 31.4 million sq. ft.