CapitaLand India Trust on Friday said it has completed the acquisition of an IT Special Economic Zone project in Pune for Rs 773 crore.
In a statement, the company said, it has "completed the acquisition of BlueRidge 3 Phase 1, a 1.4 million square feet (sq ft) multi-tenanted IT SEZ project in Hinjawadi, Pune." CLINT has acquired the project, which comprises an IT building and a cafeteria block, for a gross purchase consideration of about Rs 7.73 billion (Singapore dollar 124.64 million), it added.
The acquisition is part of a forward purchase arrangement with Nalanda Shelter Private Limited that was announced on June 14 2019.
About 60% of BlueRidge 3 Phase 1 has been leased to multinational companies such as Panasonic Avionics, Aptiv Components, Forvia, Axtria, Cerence Services, Plastic Omnium, and Wurth Information Technologies.
Leasing for the rest of Phase 1 is underway.
Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte Ltd (the Trustee-Manager of CLINT), said, "The acquisition of BlueRidge 3 Phase 1 will strengthen our presence in Hinjawadi, one of Pune's prominent IT markets. This property is located at the immediate vicinity of aVance Hinjawadi, an approximately 1.5 million sq ft IT SEZ which was acquired in 2017." With the acquisition of 'BlueRidge 3 Phase 1', the total completed floor area of CLINT's entire portfolio has increased by about 7.3% to reach about 21 million square feet.
CapitaLand India Trust (CLINT), formerly known as Ascendas India Trust (a-iTrust), was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in August 2007 as the first Indian property trust in Asia.
Its aim is to own income-producing real estate used primarily as businessspace in India.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
