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.”
Impacton Portfolio
With theacquisition,CLINT’scompletedfloorareafor itsindustrialand logisticsassetshasrisen toapproximately10%ofitsportfolio.CLINT’stotalcompletedfloorareaforitsentireportfoliohas also increased to 19.6 million sq ft.
CLINT’spresenceinChennai
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)
