MAIA Estates secures ₹1,000 cr financing from CapitaLand for commercial tower in Bengaluru
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Bengaluru-based real estate developer MAIA Estates has partnered with CapitaLand, a sovereign fund of Singapore, to develop The Beacon, a commercial office and F&B retail project in Hebbal, Bengaluru.
CapitaLand's ₹1,000 crore financing will support the development of 1.2 million sq. ft. of premium office space and 200,000 sq. ft. of retail and entertainment areas. The project aims for LEED Platinum, IGBC Platinum, and WELL Gold sustainability certifications.
Gauri Shankar Nagabhushanam, CEO of CapitaLand India Trust Management, said the acquisition will strengthen CLINT’s (CapitaLand India Trust Management Pte. Ltd.) presence in Bengaluru’s office market. Mayank Ruia, Founder & CEO of MAIA Estates, called the project a defining moment for MAIA and Bengaluru’s skyline.
Litmus acted as the exclusive strategic and financial advisor.
Founded in 2016, MAIA Estates focuses on high-quality residential and commercial developments, including 27 Summit in Bengaluru.
Just last year, global real asset manager CapitaLand Investment Ltd (CLI) announced to double (over ₹90,280 crore) its funds under management (FUM) in India by 2028, up from ₹45,880 crore as of June 30, 2024.
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The announcement by CapitaLand also marks its 30th anniversary of operations in India. CLI CEO Lee Chee Koon had said India was a strategic market and a key contributor to CLI’s overall business. “India has been one of our fastest growing markets, where our investments have tripled in the last seven years. With India’s GDP forecasted to grow 7% in 2024 and its trajectory to be the world’s third-largest economy in the next five years, the country is attracting global investors for quality real assets.”
Singapore-headquartered CLI entered India with the development of its first IT park, the International Tech Park Bangalore (ITPB) via Ascendas, which has expanded to 14 business and IT parks in Bangalore, Chennai, Hyderabad, Pune, Mumbai, and Gurgaon.