CapitaLand India Trust Acquires BlueRidge 3, an IT SEZ in Hinjewadi, Pune for INR 773 Crore

CapitaLand India Trust (CLINT), a pivotal player in the realm of real estate investment, has marked a significant expansion in Pune's IT corridor by acquiring BlueRidge 3 Phase 1, an IT SEZ. Nestled in the bustling IT hub of Hinjewadi, this acquisition, valued at approximately INR 773 crore, signifies a leap forward in CLINT’s portfolio, underscoring its commitment to fostering business spaces that drive innovation and growth.

Strategic Expansion in Pune’s IT Landscape

The acquisition materializes from a forward purchase arrangement with Nalanda Shelter Pvt Ltd, initially declared in June 2019. The purchase price, exclusive of transaction costs and subject to adjustments based on working capital at the transaction's completion, heralds a new chapter for CLINT in one of Pune's most coveted IT markets.

A Hub for Multinational ConglomeratesLeasing Dynamics and Portfolio Enhancement

Currently, 60% of BlueRidge 3 Phase 1 is tenanted by an impressive roster of multinational corporations, including industry giants like Panasonic Avionics and Forvia. The quest for leasing the remaining spaces is in full swing, propelled by robust demand for the state-of-the-art units. This strategic acquisition not only bolsters CLINT’s footprint in Hinjewadi but also aligns with its vision of being at the forefront of developing premier business ecosystems.

Consolidating CapitaLand’s Legacy in Hinjewadi

Elevating Business Space PortfolioUnder the stewardship of Sanjeev Dasgupta, CEO of CapitaLand India Trust Management, the trust's portfolio has seen an impressive augmentation. This acquisition amplifies CLINT's total completed floor area by 7.3%, now boasting around 21 million sq ft across its diversified portfolio. Hinjewadi, known for its thriving IT infrastructure, witnesses CLINT’s strengthened presence with three eminent business parks, setting a new benchmark for business spaces in Pune.

A Milestone in CLINT’s JourneyA Visionary Path Forward

Since its inception on the Singapore Exchange Securities Trading Ltd (SGX-ST) in 2007, CLINT (formerly known as Ascendas India Trust) has been a trailblazer, being the first Indian property trust in Asia. With assets under management worth S$3 billion as of the end of December, CLINT's overarching goal is to own and develop premier real estate for business spaces across India. Today, its expansive portfolio spans nine IT business parks, three industrial facilities, a logistics park, and four data center developments across India's major cities, reflecting a total completed floor area of 19.6 million sq ft.