CapitaLand India Trust Acquires Chennai Industrial Facilities for Rs 268 Cr

New Delhi, Feb 5 (PTI) CapitaLand India Trust (CLINT) on Monday said it has agreed to acquire three industrial facilities in Chennai for Rs 268 crore.

In a statement, CLINT said it has "entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities with a total net leasable area of 0.79 million sq ft at OneHub Chennai".

The total purchase price for the transaction is estimated to be Rs 268 crore, which includes CLINT's partial funding for the lease of the project land and full funding for the development of the project.

As part of the forward purchase arrangement, CLINT will provide funding in three phases and subsequently acquire the facilities upon completion of the construction of each phase, subject to a stabilisation period of six months for leasing.

Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte Ltd (the Trustee-Manager of CLINT), said: "The acquisition will further diversify CLINT's portfolio and grow our industrial presence in Chennai, which is developing into an important hub for electronics component manufacturers in South India".

He said this would also enable it to offer tenants high-quality facilities at OneHub Chennai.

Jointly developed by CapitaLand Development, Mizuho Bank and JGC Corporation, OneHub Chennai is an approximately 1,250-acre integrated industrial park with established infrastructure. It is occupied by blue-chip companies, including Hitachi Automotive Systems, Yamaha Music, and Daicel Corporation.