CapitaLand India Trust (CLINT) has completed the acquisition of a 1.4 million sq ft multi tenanted IT SEZ project in Hinjawadi, Pune, for Rs 773 crore, the company said in a statement. The company 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," it said.
CLINT has acquired the project, which comprises an IT building and a cafeteria block, for a gross purchase consideration of approximately Rs 773 crore, it said.The acquisition is part of a forward purchase arrangement with Nalanda Shelter Private Limited that was announced on June 14, 2019.
Approximately 60% 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, the company said.
Leasing for the rest of Phase 1 is underway and there is good demand for the remaining vacant units, it 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 in the immediate vicinity of aVance Hinjewadi, Pune, an approximately 1.5 million sq ft IT SEZ, which was acquired in 2017. It will offer our tenants ample space for future expansion, while providing their employees with a work-live-play environment within the BlueRidge township,” said Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte Ltd.
The upcoming metro in Hinjawadi and international airport at Navi Mumbai will further enhance connectivity and fuel demand from companies seeking a well-located base, he said.
With the acquisition of BlueRidge 3 Phase 1, the total completed floor area of CLINT's entire portfolio has increased by about 7.3% to reach approximately 21 million sq ft. As a result, CLINT’s portfolio now comprises three business parks in Pune (International Tech Park Pune Hinjawadi, aVance Hinjawadi, Pune and BlueRidge 3 Phase 1).
CLINT’s portfolio includes nine world-class IT business parks, three industrial facilities, one logistics park and four data center developments in India, with a total completed floor area of 19.6 million square feet spread across Bengaluru, Chennai, Hyderabad, Pune and Mumbai.
