CapitaLand India Trust Acquires Industrial Facilities in Chennai

Chennai, Dec 19 (PTI) CapitaLand India Trust Management Pte Ltd., the trustee manager of CapitaLand India Trust on Tuesday said it has completed the acquisition of two fully leased industrial facilities at Mahindra World City, Singaperumalkoil near here.

The completion of the acquisition is pursuant to the forward purchase agreement with the "shareholders of Chengalpattu Warehousing Parks Pvt Ltd and the shareholders of Chengalpattu Warehousing Pvt ltd (Vendors)" announced in July 2022.


The acquisition comprises fully leased industrial facilities - 0.33 million sq ft at Mahindra World City and another 0.31 million sq ft land which has been leased to an international electronics manufacturer and 0.2 million sq ft land has been leased to a global energy solutions provider.


"The definitive agreements for the acquisition have been executed with the Vendors to acquire all the issue of share capital in Chengalpattu Warehousing Parks Pvt ltd which owns Casa Grande - Phase 2, for a consideration of Rs 1,777 million (approximately Singapore dollars 28.7 million)", a company statement here said.


"This investment underscores CapitaLand India Trust'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," Trustee-Manager Chief Executive Officer Sanjeev Dasgupta.


"Going forward CapitaLand India Trust will continue to tap into the rising demand from international and regional firms that are increasingly expanding their manufacturing activities in India," Dasgupta added.


This is the second forward purchase transaction that CapitaLand India Trust has entered with the Casa Grande Group. The first forward purchase transaction of a fully leased industrial facility (Casa Grande Phase 1) was completed in May 2022.


With the acquisition, CapitaLand India Trust completed floor area for its industrial and logistics assets has risen to approximately 10 per cent of its portfolio. With this CapitaLand India Trust total completed floor area for its entire portfolio has also increased to 19.6 million sq ft, the statement added.