CapitaLand India Trust (CLINT) has entered into separate definitive agreements, via its wholly owned subsidiary Ecospace IT Park, with CapitaLand Investment (CLI) and Maharashtra Industrial Development Corporation (MIDC) to acquire their respective 78.5 percent and 21.5 percent shareholdings in Ascendas IT Park, located in Pune. The deal is said to have been closed for a reported 13.5 billion rupees and will be completed by February 2023. Ascendas IT Park owns International Tech Park Pune (ITPP-H) in Hinjewadi, Pune.
CapitaLand India Trust (CLINT) has entered into separate definitive agreements, via its wholly owned subsidiary Ecospace IT Park, with CapitaLand Investment (CLI) and Maharashtra Industrial Development Corporation (MIDC) to acquire their respective 78.5 percent and 21.5 percent shareholdings in Ascendas IT Park, located in Pune. The deal is said to have been closed for a reported 13.5 billion rupees and will be completed by February 2023. Ascendas IT Park owns International Tech Park Pune (ITPP-H) in Hinjewadi, Pune. The total sale consideration represents a premium of approximately 9% to CLI’s valuation for ITPP-H in December 2021.
ITPP-H is situated in a Special Economic Zone for the IT industry and has been built on a 25-acre plot that has been leased for 99 years. The complex has over 2.3 million square feet of area across four buildings and is almost 100 percent occupancy. Some of its tenants include Infosys Ltd, Synechron Technologies and Tata Consultancy Services Ltd. Capital Land Investment will continue to provide property and lease management services for ITPP-H post the divestment.
The buildings within ITPP-H have obtained Leadership in Energy and Environmental Design (LEED) Gold certification and Indian Green Building Council (IGBC) Platinum certification for Green Campus. They have incorporated several green features such as a district cooling system with high-performance water-cooled chillers, lifts with Variable Voltage Variable Frequency drives that regulate the speed of the lifts according to usage, energy-efficient lighting features, and fast electric vehicle charging stations. The buildings also tap renewable energy with an on-site solar capacity of 145 kilowatts peak.
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