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.
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.