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Ascendas-Singbridge Group and sovereign wealth fund GIC have acquired a 16-acre land in Pune, India from local firm Kohinoor Group.
Located in Kharadi, Pune’s suburban business district, the land parcel has a total development potential of 2.2 million sq ft.
Ascendas-Singbridge and GIC intends to develop the site into an IT and IT Special Economic Zone park with supporting amenities, which is a trademark of Ascendas-Singbridge’s India IT parks. Set for completion by early-2020, the first phase will offer around one million sq ft of space.
“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, Ascendas-Singbridge India’s CEO of operations and private funds.
“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.”
The latest acquisition under the Ascendas India Growth Programme (AIGP) is in line with plans by GIC and Ascendas-Singbridge to grow their portfolio in India.
Established in 2013, AIGP, which counts GIC and Ascendas-Singbridge as principal investors, has a target asset size of S$600 million. The International Tech Park Gurgaon was the programme’s first investment.
This article was edited by Denise Djong.
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