Apple Leases A Prestige Property Of Over 1.16 Lakh Sq Ft For 10 Years

Prestige Estates Projects has rented out a commercial space of over 1.16 lakh sq ft to Apple, located in Bengaluru's Cubbon Road for ten years. It was reported that the tech giant has leased out three floors (7, 8 and 9) in the Prestige Minsk Square for a rent of Rs 2.43 crore per month.

According to several media reports citing documents accessed by Propstack, the lease commenced from November 28, 2022, last year whereas the rental will begin from July 1, 2023. The per square rental is quoted at Rs 195 and cost for car parking per month is Rs 16.56 lakh.

Every year the rent will be increased by 15% and the company would have an option to renew the lease agreement for three additional terms of five years each, as per the documents reported in Business today.

Apple India and Mohammed Musa Sait Waqf of Prestige Estates Projects signed the lease-rental deed agreement on April 20, 2017 to construct the building comprising three basements and ground plus 14 floors.