CHENNAI: CapitaLand India Trust (CLINT) has entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities with a total net leasable area of 0.79 million sq ft at OneHub Chennai.

The total purchase price for the transaction is estimated to be Rs 2,680 million (S$43.2 million), which includes CLINT’s partial funding for the lease of the project land and full funding for the development of the project.

CLINT will provide funding in three phases and subsequently acquire the facilities upon completion of the construction of each phase, subject to a stabilisation period of six months for leasing. The acquisition of Phase 1 is expected to be over by the H1 of 2025. This follows CLINT’s earlier forward purchase transactions with Casa Grande Group for three industrial facilities at Mahindra World City, Chennai, an established industrial micro-market which is occupied by leading blue-chip companies.

CLINT completed the acquisition of its first industrial facility (Industrial Facility 1) on 27 May 2022. The 0.42 million sq ft facility has been fully leased to a leading international electronics manufacturer. On 19 December 2023, CLINT completed the second acquisition of two additional industrial facilities (Industrial Facility 2 and 3), with a combined floor area of 0.33 million sq ft. Both facilities are fully leased to the same international electronics manufacturer, and a global energy solutions provider.

Sanjeev Dasgupta, CEO, CapitaLand India Trust Management, said: “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.’’