PE-RE Fund Investments
360 ONE picks up 49% in International Tech Park Chennai for Rs.1,441-Cr; CapitaLand exits
360 ONE Asset’s real assets funds have picked up a 49% stake in International Tech Park Chennai in a deal that values the asset at INR 3,000 crore at the enterprise level. 360 ONE has partnered with Mindspace Business Parks REIT which has acquired a 51% stake for INR 1,500 crore, including the property’s debt worth INR 600 crore.The IT Park has been acquired from AIGP2 Chennai 1 Pte Ltd., a 100% subsidiary of CapitaLand India Growth Fund 2 (CIGF2).Spread over 2.6 million sq ft in Chennai’s Radial Road, the property comprises two towers, each of 1.3 million sq ft, with committed occupancy of 87% in Tower 1 and 28% in Tower 2, completed last September. The campus is anchored by marquee multinational tenants, including the world’s largest retailer, a global financial services provider, and a global wind technology company; together, they account for 70% of the leased area.This deal follows Mindspace REIT’s recent acquisition of Commerzone Pallikaranai, a 2.6 million sq. ft. Grade A office asset, also in Chennai’s PTR office corridor, at INR 2,541 crore enterprise value.
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