CapitaLand India Trust has entered a forward-purchase agreement to acquire a hi-tech park in the Indian city of Bangalore.
The property trust will buy part of the project for around INR12.26bn (€139m), including funding for the project.
The IT park will have two buildings with an aggregate net leasable area of approximately 1.5m sqft.
The unnamed landowners will retain about 500,000sqft in one of two buildings in the IT park.
Sanjeev Dasgupta, chief executive officer of the trustee-manager, said: “The proposed acquisition will provide an opportunity to establish our presence in Outer Ring Road, India’s largest office micro-market, which has demonstrated resilient performance during the COVID-19 pandemic.
“With this acquisition, we will be able to offer our tenants even more office space options across key markets in Bangalore.”
CapitaLand Services India Private will oversee design, development, and leasing of the project.
The transaction will increase CapitaLand India Trust’s total portfolio by 3.6% from about 28m sqft to 29m sqft.
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