CapitaLand India Commits ₹268 Crore Investment in Three Industrial Facilities at OneHub Chennai

CapitaLand India Trust (CLINT) has solidified its commitment to expanding its industrial portfolio with a forward purchase agreement, partnering with Casa Grande Group to acquire three industrial facilities at OneHub Chennai, India. The deal, valued at approximately Rs. 268 crore, encompasses a total net leasable area of 0.79 million sq ft.

The transaction comprises CLINT's partial funding for the lease of the project land and full funding for the project's development, according to the company. This move follows CLINT's prior forward purchase transactions with Casa Grande Group, involving three industrial facilities at Mahindra World City, Chennai.

OneHub Chennai, a 1,250-acre integrated industrial park jointly developed by CapitaLand Development, Mizuho Bank, and JGC Corporation, boasts established infrastructure. CLINT's involvement will unfold in three phases, with the Trust providing funding and subsequently acquiring the facilities upon completion of each construction phase. The acquisition of Phase 1 is anticipated to conclude in the first half of 2025, following a stabilisation period of six months for leasing.

Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte—Ltd (the Trustee-Manager of CLINT), remarked, "The acquisition will further diversify CLINT’s portfolio and grow our industrial presence in Chennai, which is developing into an important hub for electronics component manufacturers in South India."

Through these forward purchase agreements, CLINT is strategically positioning itself to capitalize on the increasing demand from global companies seeking to establish industrial facilities in India. The proposed acquisition will elevate the floor area of CLINT’s industrial, logistics, and data center asset classes under its committed pipeline from 30.1 million sq ft to 30.9 million sq ft.

Currently, CLINT's portfolio in Chennai encompasses two business parks (International Tech Park Chennai and CyberVale), three industrial facilities at Mahindra World City, and a data center under development in Ambattur, expected to be completed in 2025.

HBL