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chennai: CapitaLand India Trust completes acquisition of two industrial facilities in Chennai


CapitaLand India Trust Management Pte. Ltd., the Trustee-Manager of CapitaLand India Trust (“CLINT”), has completed the acquisition of Casa Grande – Phase 2 in a deal valued around Rs 177.7 crore.

The acquisition comprises two fully leased industrial facilities comprising 0.33 million square feet (sq ft) at Mahindra World City, Chennai, India. The company said 0.31 million sq ft is leased to a leading international electronics manufacturer while the remaining 0.02 million square feet is leased to a global energy solutions provider.

Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager, said: “This investment underscores CLINT’s further expansion of its portfolio to include high-quality industrial and logistics assets. The facilities are strategically located in Mahindra World City, Chennai, an established industrial micro-market in Chennai which leading blue-chip companies occupy. In the future, CLINT will continue to tap into the rising demand from international and regional firms increasingly expanding their manufacturing activities in India.”

The completion of the acquisition is according to the forward purchase agreement with the shareholders of Chengalpattu Warehousing Parks Private Limited (“CWPPL”, and the shareholders of CWPPL, the “Vendors”) announced on 14 July 2022.

The definitive agreements for the acquisition have been executed with the Vendors to acquire all of the issued share capital in CWPPL, which owns Casa Grande – Phase 2, for a consideration of Rs 177.7 crore (approximately S$28.7 million).

This is the second forward purchase transaction that CLINT has entered with Casa Grande Group. The first forward purchase transaction of a fully leased industrial facility (Casa Grande – Phase 1) was completed on 27 May 2022.With the acquisition, CLINT’s completed floor area for its industrial and logistics assets has risen to approximately 10% of its portfolio. CLINT’s total completed floor area for its entire portfolio has also increased to 19.6 million sq ft. Additionally, CLINT’s portfolio in Chennai comprises now comprises two business parks (International Tech Park Chennai and CyberVale), three industrial facilities as well and a data centre under development in Ambattur, which is expected to be completed in 2025.

CLINT is structured as a business trust, offering stable income distributions like real estate investment trust. As of 30 September 2023, CLINT’s assets under management stand at $2.7 billion.

CLINT’s portfolio includes nine IT business parks, one logistics park, one industrial facility and four data centre developments in India, with a total completed floor area of 19.2 million square feet spread across Bangalore, Chennai, Hyderabad, Pune and Mumbai.


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