CapitaLand India Trust completes acquisition of BlueRidge 3 Phase 1 in Pune, India

Singapore, March 1, 2024 -- ---------------------------------

The acquired project, which will be named aVance II Hinjawadi, Pune, boasts multinational tenants such as Aptiv Components and Axtria.

CapitaLand India Trust (CLINT) has completed the acquisition of BlueRidge 3 Phase 1, a 1.4 million sq ft multi-tenanted IT SEZ1 project in Hinjawadi, Pune. CLINT has acquired the project, which comprises an IT building and a cafeteria block, for a gross purchase consideration of approximately ₹ 7.73 billion2 (S$124.64 million3).

The acquisition is part of a forward purchase arrangement with Nalanda Shelter Private Limited that was announced on 14 June 2019.

Approximately 60%4 of BlueRidge 3 Phase 1 has been leased to multinational companies such as Panasonic Avionics, Aptiv Components, Forvia, Axtria, Cerence Services, Plastic Omnium and Wurth Information Technologies. Leasing for the rest of Phase 1 is underway and there is good demand for the remaining vacant units.

Mr Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT), said: “The acquisition of BlueRidge 3 Phase 1 will strengthen our presence in Hinjawadi, one of Pune’s prominent IT markets. This property is located in the immediate vicinity of aVance Hinjawadi, Pune, an approximately 1.5 million sq ft IT SEZ which was acquired in 2017."

At a glance

Company: CapitaLand India Trust
Announcement: Acquisition
Location: Hinjawadi, Pune, India

Key figures

Project area: 1.4 million sq ft
Gross purchase consideration: approximately ₹ 7.73 billion
Purchase consideration in Singapore dollars: S$124.64 million
Project leased: Approximately 60%
Increase in completed portfolio floor area: about 7.3%
Completed portfolio floor area: approximately 21 million sq ft

People

Sanjeev DasguptaChief Executive Officer of CapitaLand India Trust Management Pte. Ltd.

Products and programs

BlueRidge 3 Phase 1
aVance II Hinjawadi, Pune

"BlueRidge 3 Phase 1 will offer our tenants ample space for future expansion, while providing their employees with a work-live-play environment within the BlueRidge township. The upcoming metro in Hinjawadi and international airport at Navi Mumbai will further enhance connectivity and fuel demand from companies seeking a well-located base."

Mr Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT)

Impact on Portfolio

With the acquisition of BlueRidge 3 Phase 1, the total completed floor area of CLINT's entire portfolio has increased by about 7.3% to reach approximately 21 million sq ft. As a result, CLINT’s portfolio now comprises three business parks in Pune (International Tech Park Pune, Hinjawadi, aVance Hinjawadi, Pune and BlueRidge 3 Phase 1).

aVance II Hinjawadi, Pune will provide a work-live-play environment within the BlueRidge township.

Notes:

1. Information Technology Special Economic Zone

2. Excludes transaction expenses and is subject to working capital adjustments on completion of the transaction

3. Exchange rate of S$1 = INR62

4. Includes tenants’ option

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In brief

CapitaLand India Trust (CLINT) says it has completed the purchase of BlueRidge 3 Phase 1, an IT special economic zone project in Hinjawadi, Pune. The property, which includes an office building and cafeteria block, will be known as aVance II Hinjawadi, Pune. The trust paid approximately ₹7.73 billion (S$124.64 million), excluding transaction expenses and subject to working capital adjustments. The acquisition was made under a forward purchase arrangement with Nalanda Shelter Private Limited announced in 2019. CLINT reports that about 60% of the project is leased to multinational companies, with leasing for the remaining space ongoing. The trust says the acquisition raises its completed portfolio floor area by about 7.3% to approximately 21 million sq ft and brings its Pune business park holdings to three.

Key takeaways

CLINT completed its acquisition of BlueRidge 3 Phase 1 in Hinjawadi, Pune.
The property will be named aVance II Hinjawadi, Pune.
The purchase consideration was approximately ₹7.73 billion (S$124.64 million).
About 60% of the project is leased, according to CLINT.
CLINT says its completed portfolio floor area rises by about 7.3% to approximately 21 million sq ft.

Earlier from CapitaLand India Trust

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