CapitaLand India Trust (CLINT) has signed a forward purchase agreement with Casa Grande Group to acquire three industrial facilities at OneHub Chennai in Tamil Nadu, for about Rs 268 crore. The net leasable area is 0.79 million sq. ft. The transaction includes CLINT’s partial funding for the lease of the project land and full funding for the development of the project.

Under the arrangement, CLINT will provide funding in three phases and subsequently acquire the facilities upon completion of the construction of each phase, subject to a stabilisation period of six months for leasing. The acquisition of Phase-I is expected to be completed by the first half of 2025.

OneHub Chennai is jointly developed by CapitaLand Development, Mizuho Bank and JGC Corporation, and spans about 1,250-acre integrated industrial park with set infrastructure. With the proposed acquisition, the floor area of CLINT’s industrial, logistics and data centre in its committed pipeline will increase to 30.9 million sq. ft. from 30.1 million sq. ft. 

Also, CLINT has earlier made forward purchase transactions with Casa Grande Group for three industrial facilities at Mahindra World City, Chennai. With this, CLINT intends to capitalise on the growing demand from global companies looking to set up industrial facilities in India.

CLINT’s portfolio in Chennai currently comprises International Tech Park Chennai and CyberVale, three industrial facilities at Mahindra World City and a data centre under development in Ambattur which is expected to be completed in 2025.