CapitaLand India Trust has entered into a forward purchase agreement to acquire a 1.0 million square feet IT park asset located at Outer Ring Road in Bangalore, India.
CLINT will provide funding for the development of the project as part of the forward purchase arrangement.
The project comprises two buildings with an aggregate net leasable area of approximately 1.5 million square feet.
CLINT proposes to fund the development of the project and subsequently acquire a net leasable area of 1.0 million square feet, which comprises the first building.
The remaining net leasable area of approximately 0.5 million square feet, which comprises the second building, will be retained by the landowners.
The landowners have appointed CapitaLand Services (India) Private Limited to oversee the design, development and leasing of the project.
During the construction period, CLINT’s investment in the construction of the project will be through debt and internal resources.
The trust’s full announcement on this can be accessed here.
CLINT was last done on the Singapore Exchange at SGD1.16.