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New Delhi: Capitaland India Trust ,Clint) has agreed to acquire a 1 million sq ft IT park in Bangalore 1,226 crore in Rs. Clint has entered into a forward purchase agreement to acquire a 1 million sq ft IT park located at Outer Ring Road, Bengaluru.
As part of this forward purchase arrangement, CapitaLand India Trust Management Pte. will provide funding for the development of the project. Ltd., the trustee manager, said in a statement.
The project comprises two buildings with a total net leasable area of approximately 1.5 million sq ft.
Clint proposes to fund the development of the project and subsequently acquire a net leasable area of 1 million sq ft. The remaining net leasable area of approximately 0.5 million square feet will be retained by the landowners.
landlords have appointed Capitaland Services (India) Pvt Ltd to oversee the design, development and leasing of the project.
Clint’s investment in the construction of the project will be through debt and internal resources during the construction period.
The total purchase price is expected to be Rs 1,226.1 crore, which includes funding for the project.
Sanjeev Dasgupta“The proposed acquisition will provide an opportunity to establish its presence in Outer Ring Road, India’s largest office micro-market, which has demonstrated resilient performance during the COVID-19 pandemic,” said the chief executive officer of the trustee-manager.
As a result of the one million square foot acquisition, Clint’s portfolio size (including committed investment pipeline) will increase from approximately 28 million square feet to 29 million square feet.
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 asset trust in Asia. Its main objective is to own income-generating real estate in India primarily used as a commercial location.
Its portfolio includes eight 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 sq ft spread across Bengaluru, Chennai, Hyderabad, Pune and Mumbai.
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