Chennai, December 20, 2023 : CapitaLand India Trust Management Pte. Ltd., the Trustee Manager of CapitaLand India Trust (“CLINT”) has completed the acquisition of Casa Grande – Phase 2.The acquisition comprises two fully leased industrial facilities comprising 0.33 million square feet (sq ft) at Mahindra World City, Chennai, India; and 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.
The completion of the acquisition is pursuant to the forward purchase agreement with the shareholders of Chengalpattu Warehousing Parks Private Limited (“CWPPL”, and the shareholdersofCWPPL,the“Vendors”)announcedon14July2022.Thedefinitiveagreements fortheacquisitionhavebeenexecutedwiththeVendorstoacquirealloftheissuedsharecapital in CWPPL, which owns Casa Grande – Phase 2, for a consideration of INR1,777 million1(approximately S$28.7 million2).
This is the second forward purchase transaction that CLINT has entered with the Casa Grande Group.The firstforwardpurchasetransaction ofa fully leased industrialfacility (CasaGrande – Phase 1) was completed on 27 May 2022.
MrSanjeevDasgupta, ChiefExecutiveOfficeroftheTrustee-Manager,said:“Thisinvestment 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 establishedindustrialmicro-marketinChennaiwhichisoccupiedbyleadingblue-chipcompanies. Going forward, CLINT will continue to tap into therising demand from international and regional firms that are increasingly expanding their manufacturing activities in India.”
With theacquisition,CLINT’scompletedfloorareafor itsindustrialand logisticsassetshasrisen toapproximately10%ofitsportfolio.CLINT’stotalcompletedfloorareaforitsentireportfoliohas also increased to 19.6 million sq ft.
With the completed acquisition of Casa Grande – Phase 2, CLINT’s portfolio in Chennai comprisestwobusinessparks(InternationalTechParkChennaiandCyberVale),threeindustrial facilities as well as a data centre under development in Ambattur which is expected to be completed in 2025.
Corporate Comm India (CCI Newswire)
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