News

Commercial Property

Staff Reporter

, Singapore

Published:

2 years ago

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Press photo / (CapitaLand India Trust)

CapitaLand India Trust completes acquisition of BlueRidge 3 Phase 1 in Pune for ₹7.73b

CLINT now has three business parks in Pune.

CapitaLand India Trust (CLINT) has finalised its acquisition of BlueRidge 3 Phase 1 in Hinjawadi, Pune, India.

CLINT acquired the property, comprising a 1.4 million square feet (sq ft) multi-tenanted IT SEZ project, including an IT building and cafeteria block, for ₹7.73b ($124.64m).

BlueRidge 3 Phase 1 has a leasing rate of approximately 60%, hosting multinational companies like Panasonic Avionics, Aptiv Components, Forvia, Axtria, Cerence Services, Plastic Omnium, and Wurth Information Technologies.

Further leasing activities for the remaining units are in progress.

Sanjeev Dasgupta, CEO of CapitaLand India Trust Management Pte. Ltd., said the acquisition will enhance CLINT's presence in Hinjawadi, a key IT market in Pune.

“It will offer our tenants ample space for future expansion whilst providing their employees with a work-live-play environment within the BlueRidge township,” he said.

The acquisition is part of a forward purchase arrangement with Nalanda Shelter Private Limited.

CLINT now has three business parks in Pune, including International Tech Park Pune Hinjawadi and aVance Hinjawadi.

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