CapitaLand completes acquisition of industrial facilities in Chennai’s Mahindra World City

CHENNAI: CapitaLand India Trust (CLINT) has completed the acquisition of the industrial facility Casa Grande - Phase 2 in Mahindra World City, Chennai. The acquisition comprises two fully-leased industrial facilities totalling to 0.33 million square feet for a consideration of approximately S$28.7 million (Rs 177 crore).

While 0.31 million sq ft of the total space acquired is leased to a global electronics maker, the remaining 0.02 million sq ft is leased to a global energy solutions provider. CapitaLand originally entered into an agreement with Chengalpattu Warehousing Parks Private in July 2022 for this acquisition, which has now been completed.

With the acquisition, CLINT records a 10% rise in the portfolio of its industrial and logistics assets as CLINT’s total completed floor area for this portfolio has increased to 19.6 million sq ft. With the completed acquisition of Casa Grande – Phase 2, CLINT’s portfolio in Chennai comprises two business parks (International Tech Park Chennai and CyberVale), three industrial facilities and a data centre under development in Ambattur expected to be completed in 2025.

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 in May 2022.

"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," Sanjeev Dasgupta, chief executive officer of the trustee-manager, said.