CapitaLand India Trust to acquire Ascendas IT Park-Pune for Rs 13.5 billion

NEW DELHI: CapitaLand Investment’s (CLI) wholly-owned subsidiary Ascendas India
Development VII and its joint venture partner Maharashtra Industrial Development Corporation
(MIDC) have entered into separate agreements with CapitaLand India Trust (CLINT) to divest
their respective 78.5% and 21.5% shareholding in Ascendas IT Park (Pune) to CLINT for
approximately Rs 13.5 billion (Singapore $221.9 million), both the companies informed in
separate media releases.
CapitaLand India Trust Management, as the trustee-manager of CLINT, entered into definitive
agreements through its wholly-owned subsidiary, Ecospace IT Park for the proposed acquisition.
Ascendas IT Park (Pune) owns International Tech Park Pune in Hinjawadi (ITPP-H). The total
sale consideration represents a premium of approximately 9% to CLI’s valuation for ITPP-H in
December 2021.
The proposed divestment of ITPP-H is subject to CLINT’s unitholders’ approval at an
extraordinary general meeting and is targeted to be completed by February 2023.
ITPP-H is an IT Special Economic Zone, developed on a 25-acre 99-year leasehold land. It has
a total floor area of 2.3 million sq ft across four buildings and is close to 100% leased to
prominent tenants. Post-divestment, CLI will continue to provide property and lease
management services for ITPP-H to CLINT.
Jonathan Yap, CEO, Listed Funds, CLI, said, “With this transaction, CLI has announced gross
divestments of S$2.9 billion year-to-date, close to our annual capital recycling target of S$3
billion. Almost 90% are divestments to our listed funds and private vehicles, demonstrating
these platforms as key growth drivers for us. CLI has a pipeline of about S$10 billion of highquality properties on our balance sheet, which we can potentially offer to our various fee
income-generating listed funds and private vehicles The proposed divestment would increase
our funds under management and fee-related earnings.”
The proposed divestment of ITPP-H to CLINT follows CLI’s recent proposed divestment of
Queensbay Mall in Penang to CapitaLand Malaysia Trust. CLI’s other divestments to its listed
funds and private vehicles include CapitaSky, a Grade A office building in Singapore, to
CapitaLand Integrated Commercial Trust and CapitaLand Open End Real Estate Fund in March
2022; and Ascendas i-Link, a business park in Shanghai, to its China Business Park Core RMB
Fund I in November 2022.