German Multinational Corporation, Continental Purchases 8.5 Million Square Feet of Office Space for Rs.850 Crores

Bengaluru:

Continental Automotive, a German multinational corporation, has acquired 8,500,000 square feet of office space in Bangalore for around Rs.850 billion, the biggest acquisition of ready commercial properties in Bangalore in 2022.

Sattva Group's office facility in Electronic City spans 5.5 acres and can accommodate around 6,000 people.

Previously, Continental leased the same building, but it has recently purchased it from the developer. In 2022, the building was leased for 15 years with an option to purchase, according to one of the two individuals familiar with the transaction.

Continental has continually made foreign direct investments in India, notably in Karnataka, during the last decade.

In addition, in July 2022, the German company signed a memorandum of understanding (MoU) with the government of Karnataka for anticipated foreign direct investments of around Rs.1 trillion in the state.