CapitaLand Investment, a Singapore-based global real estate investment manager, has announced the launch of an International Tech Park with an investment outlay of about ?1,400 crore.
The International Tech Park Chennai (ITPC), spread over 2.6 million sq ft, is located at Pallavaram-Thoraipakkam Radial Road, which is close to the IT corridor, airport and other key business centers. The tech park will be developed in two phases of 1.3 sq ft each. Phase I will be operational by March 2023, while phase II will be ready by early 2024.
“We own about 25 acres of land. Currently, we are developing about 2.6 million sq ft and we will potentially have at least around 2.25 million sq ft of space available for future development,” Gauri Shankar Nagabhushanam, CEO, India Business Parks, CapitaLand Investment, said.
The ITPC will target IT and ITes companies and Banking, financial services, and insurance (BFSI) players. The property developer has three verticals for financing its projects. One, from its own balance sheet, secondly, it partners with overseas financial institutions; and thirdly, through Ascendas India Trust.
“Since we are targeting this as a sustainable building, we will also be trying for green financing from banks and financial institutions. In three to four years, the plan is to double the portfolio to 40-50 million sq ft with a primary focus on business parks,” Nagabhushanam said.
A well-diversified real estate player, CapitaLand is into the development and leasing of business and IT parks, logistics warehouses, malls, residences, and data centers with a combined portfolio of 25-26 million sq ft spread across six cities and $4 billion in assets under management (AUM). CapitaLand Investment’s India portfolio includes 12 business parks, eight logistics parks, seven service residences, one data center, and one co-working space.
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