CapitaLand Investment launches new business park development fund in India

NEW DELHI CapitaLand Investment (CLI) has launched a business park development fund, CapitaLand
India Growth Fund 2 (CIGF2), with a target fund size of Singapore $525 million to invest in Grade A business parks in across India.
CLI has secured S$263 million (Rs 16.3 billion) from a global institution for a 50% stake in the fund’s first closing. CLI intends to maintain a sponsor stake of 20% in the fund. Including CLI’s equity contribution for the 20% stake, total equity commitment for the first closing is
S$368 million (Rs 22.9 billion). This is expected to add approximately S$700 million to CLI’s funds
under management (FUM).

Simon Treacy, CEO, (Private Equity Real Estate), CLI, said, “Besides business parks, we see
opportunities to invest in new economy assets such as data centres, logistics and industrial properties in
India through our private funds.”
CIGF2 has acquired an equity stake of 70% in International Tech Park Chennai, Radial Road (ITPCRadial Road) from CLI for S$95 million (Rs 5.9 billion) as its seed asset. CLI will continue to manage the
ITPC-Radial Road asset after its divestment.
The 2.6 million-sq ft IT park offers two blocks of Grade A office space and is being developed in two
phases, with Phase 1 expected to be completed by the third quarter of 2023.