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Sign in Sign up for a FREE subscriptionCapitaLand Investment JV divests International Tech Park Pune, Hinjawadi, to CapitaLand India Trust for $165m
CapitaLand Investment (CLI)’s 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 percent and 21.5 percent shareholding in Ascendas IT Park (Pune) to CLINT for approximately INR13.5 billion (S$221.9 million/$165 million).
Ascendas IT Park (Pune) owns International Tech Park Pune in Hinjawadi (ITPP-H) in India. The total sale consideration represents a premium of approximately 9 percent 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 will further enhance CLINT’s portfolio. 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 m
