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new Delhi: capitaland investment(CLI) is a wholly owned subsidiary of Ascendas India Development VII and its joint venture partner Maharashtra Industrial Development Corporation (MIDC) have entered into separate agreements with Capitaland India Trust (CLINT) to sell their respective 78.5% and 21.5% shareholding in Ascendas IT Park (Pune) to CLINT for approximately Rs 13.5 billion (Singapore$221.9 million), the two companies informed in separate media releases.
CapitaLand India Trust Management, as the trustee-manager of CLINT, entered into definitive agreements through its wholly owned subsidiary. Ecospace IT Park for the proposed acquisition
Ascendus IT Park (Pune) owns the International Tech Park Pune at Hinjewadi (ITPP-H). The total sale consideration represents an approximately 9% premium to CLI’s valuation for ITPP-H in December 2021.
The proposed disinvestment of ITPP-H is subject to the approval of CLINT’s unitholders at an extraordinary general meeting and is targeted to be completed by February 2023.
ITPP-H is an IT Special Economic Zone, developed on 25-acre 99-year leasehold land. Its four buildings have a total floor area of 2.3 million square feet and are 100% leased to key tenants. Following the divestiture, CLI will continue to provide asset and lease management services to Clint for ITPP-H.
Jonathan Yap, CEO, Listed Funds, CLI said, “With this transaction, CLI announces year-to-date gross disinvestment of S$2.9 billion, bringing us closer to our annual capital recycling target of S$3 billion almost 90% are disinvestments. Our listed funds and private vehicles, showcase these platforms as key growth drivers for us. CLI has a high-quality S$10 billion pipeline on our balance sheet, which we Potentially introduce our various fee income-generating listed funds. And the private vehicle proposed disinvestment will add to our funds under management and fee income.”
The proposed divestment of ITPP-H to CLINT follows the recent proposed divestment of Queensbay Mall in Penang by CLI to Capitaland Malaysia Trust. CLI’s other divestitures of its listed funds and private vehicles include CapitaLand Integrated, a Grade A office building in CapitaSky, Singapore. commercial Trust and CapitaLand Open End Real Estate Fund in March 2022; and Ascendus I-Link, a business park in Shanghai, in November 2022 for its China Business Park Core RMB Fund I.
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