CapitaLand launches $32.61 bn fund for Indian business parks

11 Aug 2023 CW Team

Singapore's CapitaLand Investment Limited (CLI) has introduced the CapitaLand India Growth Fund 2, targeting a significant $32.61 billion fund size. The fund's objective is to invest in high-quality Grade A business parks strategically located in key Indian cities.

In a strategic move, CLI has already secured a substantial $16.3 billion from a global institution, acquiring a 50% stake in the fund's initial closing. CLI's asset-light strategy is evident as it plans to retain a 20% stake as the sponsor, aligning its interests with investors.

The fund's first closing will contribute around $16.3 billion to CLI's funds under management. The seed asset for the fund is the International Tech Park Chennai, in which CLI acquired a 70% equity stake for $5.9 billion. This acquisition highlights CLI's commitment to premium real estate offerings.

The International Tech Park Chennai spans 2.6 million square feet and serves the IT and IT-enabled services sector. With Grade A office space, advanced infrastructure, and strong connectivity, the park is well-positioned as a hub. It will be developed in two phases, with the first phase expected to be completed by Q3 2023. CLI will manage the asset post-divestment, showcasing its comprehensive approach to investment.

Simon Treacy, CEO of Private Equity Real Estate at CLI, recognized India's dynamic economic landscape and urbanisation, emphasising the potential in business parks and new economy assets like data centres and logistics. CapitaLand's launch of the CapitaLand India Growth Fund 2 demonstrates its confidence in India's real estate market and its commitment to providing top-tier assets for evolving business needs.

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