CLINT scores 3 industrial facilities in OneHub Chennai for Rs 268 crore

CapitaLand India Trust (CLINT) has entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities situated at OneHub Chennai in Tamil Nadu, for approximately Rs 268 crore. These facilities boast a combined net leasable area of 0.79 million square feet. The transaction encompasses CLINT’s partial funding for the lease of the project land, along with complete funding for the development of the project.

As per the arrangement, CLINT will provide funding across three phases, subsequently acquiring the facilities upon the completion of construction for each phase, subject to a stabilization period of six months for leasing. The completion of Phase-I acquisition is anticipated by the first half of 2025.

OneHub Chennai, a sprawling integrated industrial park covering approximately 1,250 acres, is a collaborative effort of CapitaLand Development, Mizuho Bank, and JGC Corporation. This proposed acquisition will bolster CLINT's industrial, logistics, and data center floor area, bringing its committed pipeline to 30.9 million square feet from the existing 30.1 million square feet.

Additionally, CLINT has previously engaged in forward purchase transactions with Casa Grande Group for three industrial facilities at Mahindra World City, Chennai. This strategic move underscores CLINT's endeavor to tap into the escalating demand from global companies seeking to establish industrial facilities in India.

Presently, CLINT's portfolio in Chennai comprises the International Tech Park Chennai, CyberVale, three industrial facilities at Mahindra World City, and a data center under development in Ambattur, slated for completion in 2025.

News by Rahul Yelligetti