Ascendas-Singbridge and GIC acquire 16-acre site in Kharadi, Pune
23 August 2017, India/Singapore – Ascendas-Singbridge Group (“Ascendas-Singbridge”), Asia’s leading sustainable urban development and business space solutions provider, and GIC, Singapore’s sovereign wealth fund, today announced the acquisition of a 16-acre land parcel in Pune, India. This acquisition is the second investment under the Ascendas India Growth Programme (“AIGP”), in which GIC is a principal investor along with Ascendas-Singbridge. Established in 2013, AIGP has a target asset size of S$600m. Its first investment was in the International Tech Park Gurgaon.
Acquiredfrom the Kohinoor Group of Pune, the land parcel is located in Kharadi, theprime suburban business district of Pune. It is close to social infrastructuresuch as residential developments, hotels, business parks, malls, educationaland medical institutions. With a total development potential of 2.2 million sqft, the land parcel will be developed into an IT and IT Special Economic Zonepark with supporting amenities, a trademark of Ascendas-Singbridge’s IT parksin India. The first phase will offer approximately 1 million sq ft of space,and is scheduled to be completed by early 2020 to the advantage of occupiers.
Mr.Sanjay Dutt, CEO, Operations and Private Funds, Ascendas-Singbridge India, said: “Pune has seen a consistentlystrong demand for business space which is evident from the high occupancylevels at our IT parks in the city managed by Ascendas-Singbridge. With thisnew site in Kharadi, we will be able to offer our occupiers more options withinthe city. This development will offer the best in terms of quality, servicesand amenities to enable our occupiers to manage their operations efficientlyand enjoy the best experience.”
This latestacquisition under the AIGP is in line with plans by Ascendas-Singbridge and GICto grow their portfolio and deepen their presence in India.