CapitaLand India Trust – Proposed acquisition of International Tech Park Pune – Hinjawadi, Pune, India
Singapore, 29 December 2022 – CapitaLand India Trust Management Pte. Ltd., in its capacity as Trustee-Manager of CapitaLand India Trust (“CLINT”, and as the trustee-manager of CLINT, the “Trustee-Manager”), is pleased to announce that it has, through its wholly-owned subsidiary, Ecospace IT Park Private Limited (the “Purchaser”), entered into definitive agreements (“Agreements”) for the proposed acquisition (the “Proposed Acquisition”) of close to 100% of International Tech Park Pune – Hinjawadi, Pune, India (“ITPP-H”).
The Agreements were executed between the Purchaser and each of the shareholders of Ascendas IT Park (Pune) Private Limited (the “Property SPV”), being Ascendas India Development VII Pte. Ltd., a wholly-owned subsidiary of CLI India Pte. Ltd. (formerly known as CapitaLand India Pte. Ltd.) (the “Sponsor”), and Maharashtra Industrial Development Corporation, for the Purchaser to acquire their respective stakes of approximately 78.5% and approximately 21.5% in ITPP-H.
ITPP-H is an IT SEZ with a total floor area of approximately 2.3 million square feet spread across four buildings and is close to 100% leased to prominent IT/ITES tenants such as Infosys Ltd., Synechron Technologies Pvt. Ltd. and Tata Consultancy Services Ltd.
The total purchase consideration[1] for the Proposed Acquisition is estimated to be approximately INR13.5 billion (S$221.9 million[2]).
The Proposed Acquisition forms part of the planned pipeline of assets being developed by the Sponsor. This provides CLINT with the ability to create further scale in its portfolio in India and deepens its presence in Pune which provides significant operational advantages to CLINT.
Mr. Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager said, “The proposed acquisition adds a high-quality asset developed by the Sponsor into the CLINT portfolio. The marquee tenant profile with high level of occupancy will add substantial scale to the CLINT portfolio.”
The Proposed Acquisition constitutes an “interested person transaction” under Chapter 9 of the Listing Manual, in respect of which the approval of Unitholders is required. A Unitholders’ circular will be issued and an extraordinary general meeting of CLINT will be held in due course.
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1. Excludes any additional consideration payable by the Purchaser under the Agreements. The actual purchase consideration for the Proposed Acquisition will be determined as at the relevant completion date in respect of the Agreements. Please refer to the acquisition announcement titled “Proposed Acquisition of Ascendas IT Park (Pune) Private Limited and Proposed Sponsor Subscription” announced on 29 December 2022 for further details.
2. Based on the exchange rate of S$1.00 to INR 60.70.