CapitaLand India Trust (CLINT) has bought three industrial facilities in a INR2.68bn (€30m) forward-purchase deal from developer Casa Grande.
As part of the arrangement, CLINT will provide funding in three phases and acquire the facilities upon completion of the construction of each phase, subject to a stabilisation period of six months for leasing.
The acquisition of Phase 1 is expected by the first half of 2025. This follows CLINT’s earlier forward-purchase transactions with Casa Grande for three industrial facilities at Mahindra World City, Chennai, an industrial micro-market occupied by blue-chip companies.
Sanjeev Dasgupta, chief executive officer of CapitaLand India Trust Management, the trust’s trustee-manager, 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 the trust had a pipeline of industrial assets at strategic locations, allowing it to capitalise on the growing demand from global companies looking to set up industrial facilities in India.
To read the latest IPE Real Assets magazine click here.