Global maritime major Bernhard Schulte Shipmanagement (BSM) has acquired a six-storey custom-built office space in a commercial project Kalpataru Virtus in Mumbai’s eastern suburb of Vikhroli, LBS-JVLR junction, for over Rs 304 crore, said persons with direct knowledge of the development.The transaction, which closed on Thursday, marks one of the largest purchases of office space by an international shipping group in India.
“The newly acquired office will serve as the German company’s headquarters in India, consolidating ship management, crew, technical and digital operations under one roof while providing scope for expansion,” one of the people quoted earlier said.
The company has acquired nearly 1 lakh sq ft of office space spread across the 15th to 20th floors of the Kalpataru commercial tower, which is expected to be completed by December 2027. The development includes a basement, a ground floor, ten levels of podium parking and 20 floors of office space, with a total carpet area of approximately 2.81 lakh sq ft.The deal contributes Kalpataru‘s recent activity in its commercial portfolio. In the last year, the listed company has reported a commercial turnover of around Rs 1,200 crore and currently has around 2.5 lakh sq ft of carpet area across its projects.
The new office is expected to enable Bernhard Schulte to streamline its local operations and improve coordination between business units. The acquisition underlines the growing trend of multinational companies opting for custom-built, freehold office buildings to house their operations in India.
“This investment reflects our continued commitment to India as a key location for our global ship management activities and to contribute to the country’s growing maritime sector… India is an important market for BSM due to its large pool of skilled seafarers and its growing importance in global trade,” a BSM spokesperson said in an email message confirming the deal.
Over the past decades, the company has continuously expanded its presence and invested in its training facilities, such as our Maritime Training Center in Kochi, to develop talent and meet the global demand for qualified personnel. The market also offers opportunities for BSM’s other services, such as technical advice and specialized maritime services, the company said.
ET’s email query to Kalpataru went unanswered.
India’s commercial office real estate market has seen steady momentum over the past year, driven by continued demand from global corporations, technology companies and major manufacturing companies that have expanded their presence in the country.
Large-scale office space purchases and upfront commitments have increased as companies look for long-term developments that meet changing workplace needs. Developers in key cities like 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 operates more than 670 ships and employs approximately 40,000 seafarers and 2,000 shore-based employees in more than 30 locations worldwide. In India, Bernhard Schulte Shipmanagement (India) Pvt Ltd was founded in 2000.
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