CapitaLand India Trust (CLINT) has agreed to acquire an IT park in Pune for Rs 1,350 crore.
According to a statement, CapitaLand India Trust through its wholly-owned subsidiary Ecospace IT Park Pvt Ltd entered into definitive agreements for the proposed acquisition of close to 100 per cent of International Tech Park Pune – Hinjawadi, Pune.
Ascendas IT Park (Pune) owns this IT Park, which is an IT SEZ with a total floor area of about 2.3 million square feet spread across four buildings. The asset is almost 100 per cent leased to IT/ITeS tenants, such as Infosys, Synechron Technologies and Tata Consultancy Services Ltd.
The agreements were executed between the Ecospace IT Park and each of the shareholders of Ascendas IT Park (Pune) Pvt Ltd.
CapitaLand Investment and its joint venture partner Maharashtra Industrial Development Corporation have entered into separate agreements with CapitaLand India Trust to divest their respective 78.5 per cent and 21.5 per cent shareholding in the Ascendas IT Park (Pune). The proposed deal provides CapitaLand India Trust with the ability to create further scale in its portfolio in India and deepens its presence in Pune, which provides significant operational advantages.
CapitaLand India Trust Management Pte Ltd is the Trustee-Manager of CapitaLand India Trust.
Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager said, ''The marquee tenant profile with a high level of occupancy will add substantial scale to the CLINT portfolio''.
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 principal objective is to own income-producing real estate used primarily as business space in India. As of June 30, 2022, CLINT's assets under management stand at Singapore dollar 2.5 billion. CLINT’s portfolio includes eight world-class IT business parks, one logistics park, one industrial facility and one data centre development in India, with a total completed floor area of 15.5 million square feet spread across Bengaluru, Chennai, Hyderabad, Pune and Mumbai.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!