CLINT proposes to acquire International Tech Park Pune from CLI subsidiary and JV partner for $221.9 mil

The recommended divestment comprises an interested person purchase (IPT) following the listing regulations and goes through CLINT’s unitholders’ consent at an unusual general meeting (EGM). The EGM is ideal to be finished by February 2023.

The structures in the area have recently obtained Leadership in Energy and Environmental Design (LEED) Gold accreditation together with Indian Green Building Council (IGBC) Platinum certification for Green Campus.

Right after the divestment, CLI will continue to provide residential property and rent management solutions for ITPP-H to CLINT.

Ascendas India Development VII is a wholly-owned subsidiary of CLI India, which is in the past referred to as CapitaLand India. Ascendas IT Park (Pune) owns International Technology Park Pune in Hinjawadi (ITPP-H) in India.

ITPP-H is an information technology unique financial area (IT SEZ) in which has an entire floor surface location of 2.3 million sq ft on 99-year leasehold land. The park makes up four structures and is close to 100% leased to remarkable IT/information technology-enabled companies (ITES) occupants such as Infosys Ltd., Synechron Technologies Pvt. Ltd. and Tata Consultancy Services Ltd

CapitaLand Investment’s (CLI) wholly-owned subsidiary Ascendas India Development VII as well as its shared venture partner Maharashtra Industrial Development Corporation (MIDC) have become part of separate agreements with CapitaLand India Trust (CLINT) where Ascendas India Development VII and MIDC will divest their own 78.5% and even 21.5% shareholding in Ascendas IT Park (Pune) to CLINT.

The divestment to CLINT comes with a factor to consider of around INR13.5 billion ($221.9 million). The total profit consideration offers a costs of around 9% to CLI’s assessment of ITPP-H in December 2021.

“With this transaction, CLI has actually introduced gross divestments of $2.9 billion year-to-date, close to our annual capital reusing aim at of $3 billion. Nearly 90% are divestments to our listed funds and nonpublic cars, demonstrating these systems as essential development motorists for us. CLI has a pipeline of about $10 billion of top quality properties on our balance sheet, and that we can possibly offer to our various charges income-generating listed funds and even private cars,” he includes.

The recommended divestment types aspect of the structured pipeline of investments being developed by CLI India, CLINT’s supporter. It is even said to supply CLINT with the capability to produce even more range in its profile in India as well as deepens its visibility in Pune which offers considerable operational advantages to the REIT.

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“CLI’s recommended divestment of ITPP-H to CLINT remains in line with our technique to supply top quality, stable-performing possessions to assist the development of our sponsored trusts. Incorporating an additional top-class IT park to CLINT’s strong portfolio of 8 IT parks makes it possible for CLI to join CLINT’s growth in India, which is one of CLI’s core markets. The recommended divestment would certainly boost our funds under management as well as fee-related revenues,” says Jonathan Yap, CEO, listed funds at CLI.

“The suggested purchase adds in a top quality property established by the Sponsor right into the CLINT profile. The marquee tenant account with greater degree of occupancy will certainly include significant level to the CLINT portfolio,” claims Sanjeev Dasgupta, CEO of the REIT trustee-manager.

Shares in CLI closed flat at $3.67 whilst units in CLINT finalized flat at $1.13 on Dec 28.

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