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CapitaLand currently has 17.4 million sq ft of commercial space comprising industrial and logistics properties as well as business and IT parks in Chennai, Bangalore, Hyderabad, Gurgaon, Mumbai and Pune.
CapitaLand eyes to expand its assets under management (AUM) in India from $3.3 billion to $7 billion by 2024.
With this, CapitaLand intends to invest capital to raise development pipeline and work with capital partners to grow its fund management business within the next five years.
CapitaLand currently has 17.4 million sq ft of commercial space comprising industrial and logistics properties as well as business and IT parks in Chennai, Bangalore, Hyderabad, Gurgaon, Mumbai and Pune.
Of these, 80 percent is under Ascendas India Trust and two private funds – Ascendas India Logistics Programme and Ascendas India Growth Programme, while 20 percent is under its balance sheet.
CapitaLand’s business parks in India, which caters to both local companies and multinational corporations, have an occupancy rate of more than 95 percent.
And given the country’s growing young workforce, IT, e-commerce and IT-enabled services sectors, the group targets to double its business and IT parks, logistics and industrial properties to around 40 million sq ft by 2024.
“In India, CapitaLand also has a network of more than 1,500 units across 10 lodging properties owned and /or managed by its wholly owned lodging business unit, The Ascott Limited (Ascott),” revealed CapitaLand in a release.
“Three properties are operating in Chennai and Mumbai, and seven serviced residences are to be opened by 2022. This includes Ascott Ireo City Gurugram, the first serviced residence in India under the luxury Ascott The Residence brand, Citadines Paras Square Gurugram, and Citadines Sri City, all slated to open in 2020.”
Developments underway, on the other hand, include 17.9 million sq ft of business park space in Chennai, Bangalore, Hyderabad, Pune and Gurgaon.
Another 7.2 million sq ft via forward purchases have also been signed up and under construction.
“This includes IT parks in Mumbai and Hyderabad, a seventh warehouse at Arshiya Free Trade Warehousing Zone, Panvel, near Navi Mumbai, and BlueRidge 3, an IT/ITES Special Economic Zone development in Hinjewadi Phase 1 in Pune.”
“CapitaLand is also building up a logistics asset portfolio in India with 4.3 million sq ft planned for development,” read the release.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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