CapitaLand India Trust (CLINT) has completed the acquisition of a 1.4 million sq ft multi-tenanted IT SEZ project in Hinjawadi, Pune, for ₹773 crore, the company said in a statement.
The company 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," it said.
CLINT has acquired the project, which comprises an IT building and a cafeteria block, for a gross purchase consideration of approximately ₹773 crore, it said.
Also Read: IT SEZs now allowed to lease space in major real estate reform
The acquisition is part of a forward purchase arrangement with Nalanda Shelter Private Limited that was announced on June 14, 2019.
Approximately 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, the company said.
Leasing for the rest of Phase 1 is underway and there is good demand for the remaining vacant units, it said.
{{/usCountry}}Leasing for the rest of Phase 1 is underway and there is good demand for the remaining vacant units, it said.
{{/usCountry}}“The acquisition of BlueRidge 3 Phase 1 will strengthen our presence in Hinjawadi, one of Pune’s prominent IT markets. This property is located in the immediate vicinity of aVance Hinjewadi, Pune, an approximately 1.5 million sq ft IT SEZ, which was acquired in 2017. It will offer our tenants ample space for future expansion, while providing their employees with a work-live-play environment within the BlueRidge township,” said Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte Ltd.
The upcoming metro in Hinjawadi and international airport at Navi Mumbai will further enhance connectivity and fuel demand from companies seeking a well-located base, he said.
Also Read: 10,500 hectare manufacturing hub with 4 SEZs to come up along Yamuna Expressway
Impact on portfolio
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 approximately 21 million sq ft. As a result, CLINT’s portfolio now comprises three business parks in Pune (International Tech Park Pune Hinjawadi, aVance Hinjawadi, Pune and BlueRidge 3 Phase 1).
Also Read: Registration of properties in Pune up by 10% in 2023 amid higher demand: Report
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 principal objective is to own income-producing real estate used primarily as business space in India. CLINT may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion.
CLINT’s portfolio includes nine world-class IT business parks, three industrial facilities, one logistics park and four data center developments in India, with a total completed floor area of 19.6 million square feet spread across Bengaluru, Chennai, Hyderabad, Pune and Mumbai.