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CapitaLand India Trust (CLINT) has agreed to pay Rs 1,226 crore to purchase a 1 million square foot IT park in the southern city of Bengaluru. In order to purchase the IT park situated on Bengaluru's outer ring road, CLINT has engaged into a forward purchase agreement. The project consists of two buildings with a combined net leasable area of about 1.5 million square feet.
CLINT plans to finance the project's construction to obtain a net leasable area of 1 million square feet. The landowners will keep the roughly 0.5 million square feet of net leasable space that is left behind. To handle the project's design, development and leasing the landowners have appointed CapitaLand Services (India) Pvt Ltd. CLINT will invest in the project's construction using internal resources and debt during the building phase.
"The proposed acquisition will provide a chance to build our footprint on Outer Ring Road, India's largest office micro-market which has proven resilient performance during the COVID-19 pandemic," stated Sanjeev Dasgupta, Chief Executive Officer of the trustee-manager in an interview captured by ET Realty.
The size of CLINT's portfolio (including its committed investment pipeline) will rise from about 28 million square feet to 29 million square feet as a result of the purchase of the one million square foot area. The first Indian property trust in Asia, CLINT, formerly known as Ascendas India Trust (a-iTrust), was launched on the Singapore Exchange Securities Trading Limited (SGX-ST) in August 2007. Its main goal is to acquire income-producing real estate in India that is mostly used as office space.
Its portfolio consists of eight IT business parks, one logistics park, one industrial site and one data centre development in India with a combined completed floor space of 15.5 million square feet dispersed over Bengaluru, Chennai, Hyderabad, Pune and Mumbai.
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