Chennai, November 01, 2023 : CapitaLand Investment Limited (CLI) has commenced operations for Phase 1 of International Tech Park Chennai, Radial Road (ITPC-Radial Road), the first business park in India to be certified by the Indian Green Building Council (IGBC) as Net Zero for energy efficiency, water conservation and waste management.
Located along Chennai’s newest and fastest growing IT corridors, the 5 million square feet (sq ft) business park will offer four Grade A office blocks with the capacity to house over 50,000 IT service professionals upon completion. In Phase 1, the 1.3 million sq ft office block has already signed a lease commitment with Vestas Wind Technology India for about 250,000 sq ft of office space and continues to attract active tenant interest. The development of Phase 2 is currently underway and set to begin operations by 2Q 2024.
The launch of ITPC-Radial Road today was graced by the Hon’ble Chief Minister of Tamil Nadu, Thiru. M.K Stalin, Dr T.R.B Rajaa, Minister for Industries, Investment Promotion & Commerce, Government of Tamil Nadu, Mr. T.M Anbarsan, Minister for MSME, Government of Tamil Nadu, senior leaders from CLI including Mr Miguel Ko, Chairman, CLI and Mr Sanjeev Dasgupta, CEO, CLI India and Mr Masanori Iwase, Executive Officer, Mitsubishi Estate Co., Ltd.
Dr. T.R.B Rajaa, Minister for Industries, Investment Promotion & Commerce, Government of Tamil Nadu said, “CapitaLand, formerly Ascendas, has been Tamil Nadu’s trusted partner for two decades, powering our knowledge economy and providing the infrastructure for several IT and ITES companies. We congratulate them on their latest project in Chennai, International Tech Park, Radial Road. We are immensely happy to see our relationship with CapitaLand continue, reaffirming their faith in Tamil Nadu as a globally preferred IT destination. In the past two years, under the leadership of Honourable Chief of Tamil Nadu Thiru. MK Stalin, we have attracted some of the largest global organisations to our state for their offices, GCCs and R&D centres, and projects such are these are crucial to the state meeting our investors’ rapidly growing high-quality office space demands”.
Mr Sanjeev Dasgupta, CEO, CLI India said: “CLI has witnessed Tamil Nadu’s transformation over the last 18 years since we entered Chennai, and the city is now among the fastest-growing markets within India for CLI where we have the most diversified portfolio of assets. This is a testament to the state’s business-friendly environment and highly skilled workers. To date, CLI has invested about S$750-S$800 million in Chennai and we expect to invest over S$500 million in the next five years across multiple asset classes, with a special focus on IT parks, logistics, and data centres. We hope to further contribute to the government’s efforts in enhancing the state’s infrastructure.”
Phase 1 and Phase 2 of ITPC-Radial Road comprising of 2.6 million square feet of office space Road is being developed by CapitaLand Investment under the newly launched CapitaLand India Growth Fund 2 (CIGF2), with a target fund size of S$525 million to invest in Grade A business parks in prime locations across gateway cities in India. In August 2023, CLI secured S$262.5 million (INR 16.3 billion) from Mitsubishi Estate Co. Ltd for a 50% stake in the fund’s first closing. CIGF2 has since acquired a 70% equity stake in ITPC-Radial Road as a seed asset from CLI for S$95 million (INR 5.9 billion) and the remaining 30% stake is held by CLI. CLI continues to manage ITPC-Radial Road after its divestment.
CLI first entered Chennai with the establishment of International Tech Park Chennai – Taramani[1] (ITPC-Taramani), the city’s first private IT park, in 2005. CLI’s portfolio in Chennai now comprises IT parks, industrial parks, logistics and warehousing and lodging assets. It recently announced plans to set up a data centre in Ambattur, Chennai with an investment of over INR 1200 crores.
Mr Gauri Shankar Nagabhushanam, CEO, India Business Parks, CLI said: “CLI has played a pivotal role in advancing India’s IT infrastructure, establishing new industry standards that have attracted both global and Indian corporations to set up operations in the country. ITPC-Radial Road demonstrates our commitment to pushing the boundaries of innovation, creating a world-class built environment with a strong emphasis on sustainability. We extend our gratitude to the government, our valued clients, and our trusted partners for their unwavering support throughout our journey.”
In addition to being recognised by IGBC as a Net Zero business park for energy efficiency, water conservation and waste management, ITPC-Radial Road is also pre-certified by IGBC as a Platinum project. The project has also been awarded a WELL pre-certification for its intent to design and build a high performance WELL project that enhances the health and well-being of their occupants. ITPC-Radial Road will implement an intelligent Building Management System, with the added support of Digital Twin Technology to improve the energy efficiency of the property through real-time data analysis and performance monitoring. Offering a modern office environment with excellent floor efficiency, ITPC-Radial Road’s quality amenities include a food court, coworking space, medical centre, crèche, health club, convenience stores, and open collaborative spaces that will feature public art, among others.
Corporate Comm India (CCI Newswire)
