CLINT proposes to acquire International Tech Park Pune from CLI subsidiary and JV partner for $221.9 mil

The recommended divestment comprises an interested individual purchase (IPT) under the listing policies and also undergoes CLINT’s unitholders’ authorization at an unusual standard meeting (EGM). The EGM is ideal to be finished by February 2023.

“The suggested acquisition adds in a top quality possession developed by the Sponsor right into the CLINT portfolio. The marquee renter profile with high degree of occupancy will include considerable scale to the CLINT profile,” claims Sanjeev Dasgupta, CEO of the REIT trustee-manager.

The buildings in the park have acquired Leadership in Energy and Environmental Design (LEED) Gold certification and Indian Green Building Council (IGBC) Platinum certification for Green Campus.

Ascendas India Development VII is a wholly-owned subsidiary of CLI India, which is in the past referred to as CapitaLand India. Ascendas IT Park (Pune) possesses International Technology Park Pune in Hinjawadi (ITPP-H) in India.

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The suggested divestment forms part of the structured pipeline of assets being established by CLI India, CLINT’s supporter. It is even said to provide CLINT with the capability to develop additionally range in its portfolio in India and also strengthens its visibility in Pune which gives considerable functional benefits to the REIT.

After the divestment, CLI will certainly remain to provide property along with rent management services for ITPP-H to CLINT.

“CLI’s recommended divestment of ITPP-H to CLINT remains in line using our technique to offer high quality, stable-performing possessions to support the development of our financed trusts. Incorporating another top-class IT park to CLINT’s solid profile of 8 IT parks makes it possible for CLI to participate in CLINT’s growth in India, which is just one of CLI’s core markets. The proposed divestment would certainly boost our account under supervision and fee-related incomes,” claims Jonathan Yap, CEO, listed funds at CLI.

“With this transaction, CLI has actually introduced gross divestments of $2.9 billion year-to-date, near to our yearly resources recycling aim at of $3 billion. Just about 90% are divestments to our listed budget and even private cars, demonstrating these networks as major growth drivers for us. CLI has a pipeline of around $10 billion of high-grade properties on our balance sheet, which we can possibly provide to our different premium income-generating listed funds and private cars,” he adds.

CapitaLand Investment’s (CLI) wholly-owned subsidiary Ascendas India Development VII and also its joint venture associate Maharashtra Industrial Development Corporation (MIDC) have recently entered into different contracts with CapitaLand India Trust (CLINT) where Ascendas India Development VII and MIDC will divest their own 78.5% including 21.5% shareholding in Ascendas IT Park (Pune) to CLINT.

The divestment to CLINT comes at a factor to consider of about INR13.5 billion ($221.9 million). The total sale consideration represents a value of around 9% to CLI’s evaluation of ITPP-H in December 2021.

ITPP-H is an infotech unique economic area (IT SEZ) in which has a total floor area of 2.3 million sq ft on 99-year leasehold land. The park makes up four establishments and is close to 100% rented out to popular IT/information technology-enabled services (ITES) renters like Infosys Ltd., Synechron Technologies Pvt. Ltd. along with Tata Consultancy Services Ltd

Shares in CLI shut flat at $3.67 while units in CLINT finalized flat at $1.13 on Dec 28.

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