CapitaLand India Trust (CLINT) has completed the acquisition of Casa Grande – Phase 2. The second phase comprises two fully leased industrial facilities spanning 0.33 million sq ft at Mahindra World City in Chennai, India. About 0.31 million sq ft is leased to leading international electronics manufacturer while the remaining 0.02 million square feet is leased to a global energy solutions provider.
The completion of the acquisition comes after the forward purchase agreement with the shareholders of Chengalpattu Warehousing Parks Private Limited, which owns Casa Grande – Phase 2, on July 14, 2022. The definitive agreements for the acquisition have been executed with the shareholders of Chengalpattu Warehousing Parks to acquire all the issued share capital in the company for a consideration of INR1.78 billion ($28.7 million).
This is the second forward purchase transaction that CLINT has entered with the Casa Grande Group. The first forward purchase transaction of a fully leased industrial facility (Casa Grande – Phase 1) was completed on May 27, 2022.
“This investment underscores CLINT’s further expansion of its portfolio to include high quality industrial and logistics assets. The facilities are strategically located in Mahindra World City, Chennai, an established industrial micro-market in Chennai which is occupied by leading blue-chip companies. Going forward, CLINT will continue to tap into the rising demand from international and regional firms that are increasingly expanding their manufacturing activities in India,” says Sanjeev Dasgupta, CEO of the manager.
Following the acquisition, CLINT’s total completed floor area for its portfolio has increased to 19.6 million sq ft.
As at 9.12am, units in CLINT are trading 1 cent lower or 0.88% down at $1.13.
