CapitaLand India Trust completes acquisition of two industrial facilities at Mahindra World City, Chennai
CapitaLand India Trust Management has finalized the acquisition of Casa Grande - Phase 2, consisting of two fully leased industrial facilities covering 0.33 million square feet at Mahindra World City in Chennai, India.
- (1888PressRelease) 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 sq ft 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 shareholders of CWPPL, the “Vendors”) 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 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 first forward purchase transaction of a fully leased industrial facility (Casa Grande – Phase 1) was completed on 27 May 2022.
"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." says Mr Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager.
Impact on Portfolio
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.
CLINT’s presence in 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.
Notes:
1. Excludes transaction expenses; purchase price is subject to working capital adjustments on completion of the transaction.
2. Exchange rate of S$1 = INR62.
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