CapitaLand India Trust to acquire 3 industrial facilities in India for $43.2m

The facilities have a total net leasable area of 0.79 million square feet.

CapitaLand India Trust (CLINT) will acquire three industrial facilities at OneHub Chennai, India, for $43.2m from Casa Grande Group.

The purchase price includes CLINT’s partial funding for the lease of the project land and full funding for the development of the project.

As part of the forward purchase arrangement CLINT entered with Casa Grande Group, the REIT 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.

CLINT expects to complete the acquisition of Phase 1 by the first half of 2025.

Following the completion of the acquisition, the floor area of CLINT’s industrial, logistics and data centre asset classes as a percentage of its committed pipeline will increase approximately from 12% to 14%.

CLINT’s total floor area under its committed pipeline will also increase by 2.6% from 30.1 million sq ft to 30.9 million sq ft.

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