Singapore-based office space solutions provider Ascendas-Singbridge Group and Singapore’s sovereign wealth fund GIC have acquired a 16-acre land parcel in Pune from real estate developer Kohinoor Group, a company statement said.
This acquisition is made under the Ascendas India Growth Programme (AIGP), in which GIC is a principal investor along with Ascendas-Singbridge, the statement added.
The value of the transaction was not disclosed.
Located in Kharadi, a suburb in Pune, the land parcel will be developed into an IT and IT Special Economic Zone park with supporting amenities, the press note said.
The first phase will offer approximately 1 million sq ft of space and is scheduled to be completed by early 2020. The land parcel has a development potential of 2.2 million sq ft.
“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,” said Sanjay Dutt, chief executive officer, operations and private funds, Ascendas-Singbridge, India.
Launched in 2013, AIGP has a target asset size of S$600 million (approximately $450 million). The only other investment by AIGP was in the International Tech Park in Gurgaon.
Ascendas-Singbridge has over 12 million sq ft of assets under management in India valued at $1.5 billion. Its portfolio includes information technology parks in Chennai, Bengaluru, Hyderabad, Gurgaon and Pune. In addition to IT Parks, Ascendas-Singbridge is also developing integrated projects with sector specific SEZs, commercial, industrial, residential and supporting social amenities in Chennai and Gurgaon.
In June this year, Ascendas-Singbridge launched an industrial real estate development platform in partnership with local developer Firstspace Realty LLP to build logistics and industrial facilities across major warehousing and manufacturing hubs in India. In the same month, the firm said it was looking to raise a commercial real estate-focused fund with a target corpus of $300 million.