CapitaLand Investment’s newly opened tech park in Pune has started its operations for the first phase, boasting an 80 per cent committed occupancy. The monthly rents for the park range from ₹80-84 per square foot.
This marks Singapore-listed CapitaLand’s 12th business park in India and its third in Pune. Spanning across 1.5 million square feet, the park is expected to have a second phase of a similar size completed by March of next year.
Some of its major tenants are Deloitte, Bharti Airtel, HP and SAP.
Located at Khaaradi near Pune Lohegaon International Airport, the business park is being developed at a cost of ₹1,750 crore and funded to the extent of ₹1,300 crore by HSBC India through a green loan.
CLI aims to double its assets under management in India to $8 billion over the next 3-4 years. This growth will involve expanding its assets from the current 17 million square feet (msf) to 30 msf.
The real estate investment manager is adding to its assets through a mix of developing its own by buying land and building projects and through forward purchase agreements with third-party asset owners.
For instance, in November last year, it signed an agreement with L&T Realty to acquire 6 msf of office spaces being built in Mumbi, Chennai and Bengaluru.