New Delhi:
CapitaLand India Trust (CLINT) has agreed to purchase an IT park in Pune for Rs 1,350 crore.
According to a statement, CapitaLand India Trust through its wholly owned subsidiary Ecospace IT (Information Technology) Park Pvt Ltd has finalized agreements for the proposed acquisition of nearly 100 percent of International Tech Park Pune – Hinjawadi, Pune.
Ascendas IT Park (Pune) owns this IT Park, which is an IT SEZ (Special Economic Zone) with a total floor space of approximately 2.3 million square feet spread over four buildings. The property is almost 100 percent leased to IT/ITeS tenants such as Infosys, Synechron Technologies and Tata Consultancy Services Ltd.
The agreements were executed between 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 percent and 21.5 percent stake in Ascendas IT Park (Pune).
The proposed deal provides CapitaLand India Trust with the opportunity to further scale its portfolio in India and deepen its presence in Pune, bringing significant operational benefits.
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 high occupancy tenant profile 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 real estate trust in Asia. The main aim is to own real estate that generates income and is mainly used as business premises in India.
As of June 30, 2022, CLINT’s assets under management amount to USD 2.5 billion.
CLINT’s portfolio includes eight world-class IT business parks, one logistics park, one industrial facility and one data center development in India, with a total completed floor area of 15.5 million square meters across Bengaluru, Chennai, Hyderabad, Pune and Mumbai.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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