Monday, May 27, 2024
HomeNewsReal EstateCapitaLand India Trust acquires 2.5 million sq ft from Phoenix Group

CapitaLand India Trust acquires 2.5 million sq ft from Phoenix Group

CapitaLand India Trust (CLINT) has entered into a forward purchase agreement with Phoenix Group to acquire IT buildings with a total leasable area of 2.5 million sq ft in HITEC CityHyderabad.

Pro forma net profit from the buildings is forecasted to be approximately S$4.5 million on a stabilised basis. Pro forma distribution per unit is expected to increase from 6.45 cents to 6.47 cents.As part of the forward purchase arrangement, CLINT will provide funding of Rs 2.15 billion (S$34.68 million) to refinance the existing loan and receive interest on the funding at a rate which is higher than its borrowing cost.

CLINT will also provide funding in future towards development of the buildings and acquire the buildings at a price to be determined as and when each building is constructed and leased up to 90%.

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