Global maritime major Bernhard Schulte Shipmanagement (BSM) has acquired a six-floor built-to-suit office space in a commercial project Kalpataru Virtusin Mumbai’s eastern suburb Vikhroli’s LBS-JVLR junction for over Rs 304 crore, said persons with direct knowledge of the development.
The transaction, concluded on Thursday, marks one of the largest office space acquisitions by an international shipping group in India.
“The newly acquired office will serve as the German company’s India headquarters, consolidating its ship-management, crewing, technical, and digital operations under one roof, while providing for expansion,” said one of the persons mentioned earlier.
The company has acquired nearly 1 lakh sq ft of office space spread across the 15th to 20th floor of Kalpataru’s commercial tower that is scheduled for completion by December 2027. The development comprises a basement, ground floor, ten levels of podium parking, and 20 floors of office space, with a total carpet area of around 2.81 lakh sq ft.
The deal adds to Kalpataru’s recent activity in its commercial portfolio. In the past year, the listed company has reported commercial sales of around Rs 1,200 crore and currently holds about 2.5 lakh sq ft of carpet area across its projects.
The new office is expected to enable Bernhard Schulte streamline its local operations, improve coordination between business units. The acquisition underscores the growing trend of multinational companies opting for built-to-suit, owned office assets to house their India operations.
“This investment reflects our ongoing commitment to India as a key location for our global ship management operations and to contributing to the country’s growing maritime sector…India is an important market for BSM because of its large pool of skilled seafarers and its growing importance in global trade,” a BSM spokesperson said in an email response confirming the deal.
Over the last decades, the company has continuously expanded its presence and invested in its training facilities, such as our Maritime Training Centre in Kochi, to develop talent and meet global demand for qualified crew. The market also offers opportunities for BSM's other services, such as technical consultancy and specialized maritime services, the company said.
ET’s email query to Kalpataru remained unanswered.
India’s commercial office property market has seen steady momentum over the past year, driven by sustained demand from global corporations, technology firms, and manufacturing majors expanding their presence in the country.
Large-scale office space acquisitions and pre-commitments have increased as companies seek long-term, built-to-suit developments that cater to evolving workplace needs. Developers in key cities such as Mumbai, Bengaluru, Hyderabad, and Pune continue to see healthy leasing and ownership transactions from both domestic and international occupiers.
Part of the Hamburg-based Schulte Group, BSM manages more than 670 vessels and employs around 40,000 seafarers and 2,000 shore-based employees across over 30 global locations. In India, Bernhard Schulte Shipmanagement (India) Pvt Ltd was incorporated in 2000.
The transaction, concluded on Thursday, marks one of the largest office space acquisitions by an international shipping group in India.
“The newly acquired office will serve as the German company’s India headquarters, consolidating its ship-management, crewing, technical, and digital operations under one roof, while providing for expansion,” said one of the persons mentioned earlier.
The company has acquired nearly 1 lakh sq ft of office space spread across the 15th to 20th floor of Kalpataru’s commercial tower that is scheduled for completion by December 2027. The development comprises a basement, ground floor, ten levels of podium parking, and 20 floors of office space, with a total carpet area of around 2.81 lakh sq ft.
The deal adds to Kalpataru’s recent activity in its commercial portfolio. In the past year, the listed company has reported commercial sales of around Rs 1,200 crore and currently holds about 2.5 lakh sq ft of carpet area across its projects.
The new office is expected to enable Bernhard Schulte streamline its local operations, improve coordination between business units. The acquisition underscores the growing trend of multinational companies opting for built-to-suit, owned office assets to house their India operations.
“This investment reflects our ongoing commitment to India as a key location for our global ship management operations and to contributing to the country’s growing maritime sector…India is an important market for BSM because of its large pool of skilled seafarers and its growing importance in global trade,” a BSM spokesperson said in an email response confirming the deal.
Over the last decades, the company has continuously expanded its presence and invested in its training facilities, such as our Maritime Training Centre in Kochi, to develop talent and meet global demand for qualified crew. The market also offers opportunities for BSM's other services, such as technical consultancy and specialized maritime services, the company said.
ET’s email query to Kalpataru remained unanswered.
India’s commercial office property market has seen steady momentum over the past year, driven by sustained demand from global corporations, technology firms, and manufacturing majors expanding their presence in the country.
Large-scale office space acquisitions and pre-commitments have increased as companies seek long-term, built-to-suit developments that cater to evolving workplace needs. Developers in key cities such as Mumbai, Bengaluru, Hyderabad, and Pune continue to see healthy leasing and ownership transactions from both domestic and international occupiers.
Part of the Hamburg-based Schulte Group, BSM manages more than 670 vessels and employs around 40,000 seafarers and 2,000 shore-based employees across over 30 global locations. In India, Bernhard Schulte Shipmanagement (India) Pvt Ltd was incorporated in 2000.
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