Singapore-based investor-cum-developer Ascendas-Singbridge Group and Singaporean sovereign fund GIC have bought a 16-acre land parcel in Pune from the local developer Kohinoor group. The deal size is about Rs 200 crore.
The land parcel is in Kharadi area of Pune. With a total development potential of 2.2 million square feet, the land parcel will be developed into an infotech special economic zone, the duo said in a release. The first phase will offer approximately 1 million sq ft of space and is scheduled to be completed by early 2020.
Sanjay Dutt, chief executive, 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 the country, the companies said,
This is the second investment by the Ascendas India Growth Programme, in which GIC is a principal investor along with Ascendas-Singbridge. Set up in 2013, AIGP has a target asset size of S$600m. Its first investment was in the International Tech Park at Gurgaon.
This is the second land deal in Pune in recent weeks after the investment platform of Phoenix Mills Ltd and Canada Pension Plan Investment Board (CPPIB), for Rs 160 crore.
Ascendas-Singbridge Group recently said it was setting up a joint venture (JV) with industrial properties developer Firstspace Realty for building logistics and industrial facilities in the country.
Over five to six years, the JV plans to develop close to 15 million sq ft of space, and invest $600 million (Rs 3,800 crore) to develop new centres.