CapitaLand acquires two facilities at Mahindra World City, Chennai
With the completed acquisition of Casa Grande – Phase 2, CLINT’s portfolio in Chennai comprises two business parks (International Tech Park Chennai and CyberVale), three industrial facilities as well as a data centre under development in Ambattur which is expected to be completed in 2025.
CapitaLand India Trust Management, 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 announced on 14 July 2022. The definitive agreements for the acquisition have been executed with the Vendors to acquire all of the issued share capital in CWPPL, which owns Casa Grande – Phase 2, for a consideration of ₹1,777 million1 (approximately S$28.7 million).
This is the second forward purchase transaction that CLINT has entered with the Casa Grande Group. The first forward purchase transaction of a fully leased industrial facility (Casa Grande – Phase 1) was completed on 27 May 2022.
Sanjeev Dasgupta, chief executive officer of the Trustee-Manager, said: “This investment 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 established industrial micro-market in Chennai which is occupied by leading blue-chip companies. Going forward, CLINT will continue to tap into the rising demand from international and regional firms that are increasingly expanding their manufacturing activities in India.”
With the acquisition, CLINT’s completed floor area for its industrial and logistics assets has risen to approximately 10% of its portfolio. CLINT’s total completed floor area for its entire portfolio has also increased to 19.6 million sq ft.
With the completed acquisition of Casa Grande – Phase 2, CLINT’s portfolio in Chennai comprises two business parks (International Tech Park Chennai and CyberVale), three industrial facilities as well as a data centre under development in Ambattur which is expected to be completed in 2025.