CapitaLand India Trust (CLINT) has acquired an industrial property in the Indian state of Pune for INR7.73bn (€86m) as part of a forward purchase arrangement with local developer Nalanda Shelter Private.

The asset comprises the first phase of BlueRidge, a 1.4m sqft multi-tenanted IT industrial park project in Hinjawadi.

The trust said about 60% of the building had been leased to multinational companies such as Panasonic Avionics, and leasing for the rest of phase one is under way, with good demand for the remaining vacant units.

Sanjeev Dasgupta, chief executive officer of CapitaLand India Trust Management, said: “The acquisition will strengthen our presence in Hinjawadi, one of Pune’s prominent IT markets.

”The upcoming metro in Hinjawadi and the international airport at Navi Mumbai will further enhance connectivity and fuel demand from companies seeking a well-located base.”

The acquired project will be named AVance II Hinjawadi.

To read the latest IPE Real Assets magazine click here.

Topics