German transnational firm Continental Automotive has purchased 8.5 lakh sq. ft of workplace house in Bangalore for round Rs 850 crore, the most important buyout deal of prepared business property in Garden City in 2022.
The workplace property in Electronic City, owned by Sattva Group, is unfold over 5.5 acres and might seat round 6,000 workers.
“Earlier, Continental occupied the same building on lease and now it has bought it from the builder. The building was leased for 15 years in 2022 with an option to buy,” stated one of many two folks conscious of the deal.
Continental has made international direct investments constantly over the previous 10 years in India, significantly Karnataka.
Additionally, in July, the German agency had signed a memorandum of understanding (MoU) with the federal government of Karnataka for deliberate international direct investments to the tune of round Rs 1,000 crore within the state.
The proposed funding is towards furthering the expansion of its in-house analysis & improvement group, Technical Center India (TCI), which is anticipated to make use of about 6,000 folks.
“This will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry. It will also provide a fillip to the growing automotive R&D ecosystem in Bengaluru,” the corporate had stated in an announcement earlier this 12 months.
Sattva Group couldn’t be reached for feedback. Colliers, which was the advisor to the deal, declined to remark.
Continental not too long ago invested in a Rs 200-crore greenfield plant in Pune.
Continental has been current in India for near 50 years via know-how partnerships (Continental Tires since 1974) and joint ventures for its numerous companies.
The tier 1 automotive provider, tire producer, and industrial companions function throughout India – with about 8000 workers throughout 13 places, together with seven crops that cater to the Indian market and a Technical Center that helps Continental’s world R&D actions.
In 2021, Continental generated gross sales of EUR 33.8 billion and at the moment employs greater than 190,000 folks in 58 nations and markets.
The know-how phase noticed its share rise, clearly outlining its continued dominance as essentially the most distinguished occupier phase in India’s workplace sector.
Gross leasing Volume (GLV) for Q2 April-June 2022 stood at 14.3 million sq. ft, up by 36% q-o-q with Bengaluru accounting for 34% of the quarterly GLV, as per the business estimate.
Source: auto.economictimes.indiatimes.com