Ascendas-Singbridge Group and GIC, Singapore’s sovereign wealth fund said it has acquired a 16 acre land parcel in Pune from real estate developer Kohinoor Group.

This acquisition is the second investment under the Ascendas India Growth Programme, in which GIC is a principal investor along with Ascendas-Singbridge.

Established in 2013, AIGP has a target asset size of S$600m. Its first investment was in the International Tech Park Gurgaon.

Ascendas acquired the land parcel from Kohinoor Group. The land parcel is located in Kharadi, the prime suburban business district of Pune.

With a total development potential of 2.2 million sq ft, the land parcel will be developed into an IT and IT Special Economic Zone park with supporting amenities, a trademark of Ascendas-Singbridge’s IT parks in India.

The first phase will offer approximately one million sq ft of space, and is scheduled to be completed by early 2020 to the advantage of occupiers.

Sanjay Dutt, CEO, Operations and Private Funds, Ascendas-Singbridge India, said: “Pune has seen a consistently strong demand for business space which is evident from the high occupancy levels at our IT parks in the city managed by Ascendas-Singbridge. With this new site in Kharadi, we will be able to offer our occupiers more options within the city. This development will offer the best in terms of quality, services and amenities to enable our occupiers to manage their operations efficiently and enjoy the best experience.”

This latest acquisition under the AIGP is in line with plans by Ascendas-Singbridge and GIC to grow their portfolio and deepen their presence in India.

Ascendas-Singbridge has over 12 million sq ft of assets under management in India valued at some S$2 billion.

The portfolio includes International Tech Park Bangalore; International Tech Park Chennai and CyberVale in Chennai; CyberPearl, The V and aVance in Hyderabad; International Tech Park Gurgaon; International Tech Park Pune and Blueridge Phase II in Pune. In addition to IT Parks, Ascendas-Singbridge is also developing integrated projects with sector specific SEZs, commercial, industrial, residential and supporting social amenities in Chennai and Gurgaon.