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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Singapore's GIC acquires 16-acre site in India

This is in partnership with Ascendas-Singbridge.

Singapore's sovereign wealth fund GIC and Ascendas-Singbridge Group announced their acquisition of a 16-acre land parcel in Pune, India.

According to the group, this is the second investment under the Ascendas India Growth Programme (“AIGP”), in which GIC is a principal investor along with Ascendas-Singbridge. Established in 2013, AIGP has a target asset size of $600m. Its first investment was in the International Tech Park Gurgaon.

The land parcel is located in Kharadi, the prime suburban business district of Pune. It is close to social infrastructure such as residential developments, hotels, business parks, malls, educational and medical institutions.

With a total development potential of 2.2 million sq ft, the land parcel will be developed into an IT and IT Special Economic Zone park with supporting amenities, a trademark of Ascendas-Singbridge’s IT parks in India. The first phase will offer approximately 1 million sq ft of space, and is scheduled to be completed by early 2020 to the advantage of occupiers.

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