Private Equity

PE Fund Investments

CapitaLand India to acquire 2.5 M sq ft space at Hyderabad’s HITEC City

Economic Times  

CapitaLand India Trust (CLINT) is to make a forward purchase from the Phoenix Group two IT buildings in HITEC City, Hyderabad with a total leasable area of 2.5 million square feet. CLINT also plans to acquire two more buildings (aVance 5 and aVance A1) in aVance Hyderabad from Phoenix Group within 18 months.CLINT will provide INR 215 crore (about USD 34.68 million) to refinance the existing loan and receive interest on the financing at a rate which is higher than its borrowing cost.Pro forma net profit from the buildings is forecasted to be around 4.5 million SGD on a stabilised basis.In 2011, CLINT had partnered with Phoenix Group and acquired five buildings with a total leasable area of around 2.1 million sq ft in Hyderabad. CLINT’s portfolio in Hyderabad currently comprises three business parks: aVance Hyderabad, CyberPearl and International Tech Park Hyderabad (ITPH). CLINT is also developing a data centre in ITPH, which is expected to be completed in 2025.