CapitaLand India Trust purchases an IT-SEZ project in Pune for Rs 773 crore

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A 1.4 million square foot multi-tenanted IT SEZ project in Hinjewadi, Pune, has been acquired by CapitaLand India Trust (CLINT) for ₹773 crore, the company announced in a statement.

The company announced that it has completed the acquisition of BlueRidge 3 Phase 1, a multi-tenanted IT SEZ project in Hinjewadi, Pune, spanning 1.4 million square feet (sq ft). The project, which includes a cafeteria block and an IT building, was purchased by CLINT for a gross purchase consideration of about ₹773 crore, it said.

The purchase is a component of the June 14, 2019, announcement of a forward purchase agreement with Nalanda Shelter Private Limited.

According to the company, about 60% of BlueRidge 3 Phase 1 have been leased to multinational corporations including Panasonic Avionics, Aptiv Components, Forvia, Axtria, Cerence Services, Plastic Omnium, and Wurth Information Technologies.

According to the statement, leasing for the remaining units in Phase 1 is now in progress, and there is strong demand for them.

A senior CapitaLand India Trust Management Pvt Ltd official said that one of Pune’s most important IT markets, Hinjewadi, will see a stronger presence from the acquisition of BlueRidge 3 Phase 1. This property is close to aVance Hinjewadi, Pune, an IT SEZ that is roughly 1.5 million square feet and was purchased in 2017. It will give our tenants plenty of room to grow in the future and give their staff members a work-live-play setting in the BlueRidge township.

According to him, the upcoming Hinjewadi metro and Navi Mumbai International Airport will improve connectivity even more and increase demand from businesses looking for a strategic base.

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