CapitaLand India Trust to Acquire 3 Industrial Facilities for INR 2.7 Billion

- CapitaLand India Trust (Clint) is set to acquire three industrial facilities in OneHub Chennai, India, through a forward-purchase agreement with Casa Grande Group.

- The total transaction cost is INR 2.7 billion (S$43.2 million), covering partial funding for project land lease and full funding for project development.

- Clint will provide funding of up to INR 1.9 billion across three phases starting February 2024, acquiring facilities upon completion of each phase.

- The project spans 19.65 acres with a renewable lease tenure of 99 years, scheduled for completion in three phases over four years.

- Clint expects the acquisition to increase its floor area in industrial, logistics, and data centre asset classes to 14% of the trust’s committed pipeline.

- The forward purchase is considered attractively priced by Clint’s trustee-manager, offering diversification and improving earnings and distributions.

- Pro-forma estimates suggest a FY2023 attributable net profit of S$2.1 million from the acquisition, with a pro-forma distribution per unit of S$0.0648.

- The acquisition aligns with Clint's strategy to capitalize on the growing demand for industrial facilities in India from global companies.