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CapitaLand India Trust (CLINT), a Singapore-based real estate investment trust, has announced the successful completion of its acquisition of a 1.4 million square feet (sq. ft) multi-tenanted IT Special Economic Zone (SEZ) project in Hinjawadi, Pune, for approximately INR 773 crore.
This acquisition, known as "BlueRidge 3 Phase 1," marks a significant step for CLINT as it strengthens its presence in Pune's prominent IT market. The property strategically complements their existing IT SEZ, "aVance Hinjewadi, Pune," acquired in 2017, offering tenants the potential for future expansion within the BlueRidge township.
BlueRidge 3 Phase 1 comprises an IT building and a cafeteria block, offering a work-live-play environment for tenants and their employees. Around 60% of the space is already leased to established multinational companies like Panasonic Avionics, Aptiv Components, and Axtria, with strong demand for the remaining units. The property's proximity to the upcoming metro in Hinjawadi and the international airport in Navi Mumbai is expected to further enhance its attractiveness for businesses seeking a well-connected location.
With this acquisition, CLINT's total completed floor area across India grows to approximately 21 million sq. ft. Their portfolio now encompasses nine IT business parks, three industrial facilities, one logistics park, and four data centre developments across major Indian cities.
CLINT's CEO, Sanjeev Dasgupta, expressed optimism about the acquisition, highlighting how the acquisition of BlueRidge 3 Phase 1 strengthens CLINT's presence in Hinjawadi, a prime IT market in Pune. He emphasised the strategic location alongside upcoming infrastructure developments, further enhancing the property's appeal for established and expanding businesses.
Pune has emerged as a major IT hub in India, attracting leading businesses and investors with its robust infrastructure, skilled workforce, and favourable business environment. CapitaLand India Trust's investment in the city reflects the growing confidence in Pune's long-term growth potential.
This acquisition positions CLINT well to capitalise on the ongoing growth of the IT sector in Pune and India, offering potential investors access to a well-diversified real estate portfolio in key economic centres.
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