CapitaLand India Trust Acquires IT-SEZ Project in Pune for Rs 773 Crore – News18

CapitaLand India Trust (CLINT) on Friday said it has completed the acquisition of an IT Special Economic Zone (SEZ) project in Pune for Rs 773 crore.

In a statement, the company said, it 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.” CLINT has acquired the project, which comprises an IT building and a cafeteria block, for a gross purchase consideration of about Rs 7.73 billion (Singapore dollar 124.64 million), it added.

The acquisition is part of a forward purchase arrangement with Nalanda Shelter Private Limited that was announced on 14 June 2019.

About 60 per cent 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.

Leasing for the rest of Phase 1 is underway.

Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte Ltd (the Trustee-Manager of CLINT), said, “The acquisition of BlueRidge 3 Phase 1 will strengthen our presence in Hinjawadi, one of Pune’s prominent IT markets. This property is located at the immediate vicinity of aVance Hinjawadi, an approximately 1.5 million sq ft IT SEZ which was acquired in 2017.”

With the acquisition of ‘BlueRidge 3 Phase 1’, the total completed floor area of CLINT’s entire portfolio has increased by about 7.3 per cent to reach about 21 million square feet.

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 aim is to own income-producing real estate used primarily as business space in India.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)