CapitaLand India Trust (CLINT), a real estate investment trust, has successfully completed the acquisition of BlueRidge 3 Phase 1, a multi-tenanted IT Special Economic Zone (SEZ) project in Hinjawadi, Pune. The project spans 1.4 million square feet and includes an IT building and a cafeteria block.
Forward Purchase Arrangement with Nalanda Shelter Private Limited
This acquisition forms part of a forward purchase arrangement with Nalanda Shelter Private Limited, which was announced on June 14, 2019. The gross purchase consideration for the project amounts to approximately Rs 773 crore.
Strong Tenancy and Demand
Around 60% of BlueRidge 3 Phase 1 has already been leased to multinational companies such as Panasonic Avionics, Aptiv Components, Forvia, Axtria, Cerence Services, Plastic Omnium, and Wurth Information Technologies. The remaining vacant units are also in high demand, and leasing for Phase 1 is currently in progress.
Strengthening Presence in Hinjawadi
Sanjeev Dasgupta, the CEO of CapitaLand India Trust Management, stated that the acquisition of BlueRidge 3 Phase 1 will strengthen CLINT’s presence in Hinjawadi, which is one of Pune’s prominent IT markets. The property is located near aVance Hinjewadi, an approximately 1.5 million square feet IT SEZ acquired by CLINT in 2017. The strategic location of BlueRidge 3 Phase 1 will offer tenants ample space for future expansion and provide a work-live-play environment within the BlueRidge township for employees.
Upcoming Developments Driving Demand
Dasgupta further highlighted that the upcoming metro in Hinjawadi and the international airport in Navi Mumbai will enhance connectivity and drive demand from companies seeking a well-located base in the area. The acquisition of BlueRidge 3 Phase 1 adds approximately 7.3% of completed floor area to CLINT’s portfolio, bringing the total completed floor area to approximately 21 million square feet. CLINT’s portfolio now consists of three business parks in Pune, namely International Tech Park Pune Hinjawadi, aVance Hinjawadi, and BlueRidge 3 Phase 1. Moreover, CLINT’s portfolio also includes nine world-class IT business parks, three industrial facilities, one logistics park, and four data center developments across Bengaluru, Chennai, Hyderabad, Pune, and Mumbai, totaling 19.6 million square feet in completed floor area. CLINT continues to make strategic acquisitions to strengthen its portfolio and cater to the demands of the growing real estate market in India.
