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german international company Continental Automotive It has bought 8.5 lakh sq ft of office space in Bangalore for around Rs 850 crore, which is the biggest buyout deal ever. commercial Property in Garden City in 2022.
office property electronic citymaster entity groupSpread over 5.5 acres and can accommodate around 6,000 employees.
“Earlier, Continental had leased the same building and now it has bought it from the builder. The building was leased for 15 years in 2022 with an option to buy,” said one of the two people aware of the deal.
Continental has made continuous FDI in India over the past 10 years, notably Karnataka,
Additionally, in July, the German firm had signed a Memorandum of Understanding (MoU) with the Karnataka government for foreign direct investment of around Rs 1,000 crore in the state.
The proposed investment is towards furthering the growth of its in-house R&D organisation, Technical Center India (TCI), which is expected to employ around 6,000 people.
“It will foster innovation around automotive software development, connected technologies and autonomous mobility for the global automotive industry. It will also foster a growing automotive R&D ecosystem BangaloreThe company said in a statement earlier this year.
Sattva Group could not be reached for comment. Colliers, who was an advisor to the deal, declined to comment.
Continental recently invested in a greenfield plant worth Rs 200 crore in Pune.
Continental has been present in India for nearly 50 years through technical partnerships (Continental Tires since 1974) and joint ventures for its various businesses.
Tier 1 automotive suppliers, tire manufacturers and industrial partners operate across India – with approximately 8000 employees across 13 locations, including seven plants that cater to the Indian market and a technology center that supports Continental’s global R&D activities. supports.
In 2021, Continental generated sales of 33.8 billion euros and currently employs more than 190,000 people in 58 countries and markets.
The technology segment saw an increase in its share, clearly underlining its continued dominance as the most prominent occupant segment in India’s office space.
As per industry estimates, the Gross Leasing Volume (GLV) for Q2 of April-June 2022 stood at 14.3 million sq ft, registering a growth of 36 per cent on a quarterly basis, accounting for 34% of the quarterly GLV.
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