CapitaLand Investment launches new business park dev. Fund

11 Aug 2023 CW Team

In order to invest in Grade A business parks across India, CapitaLand Investment (CLI) has established the CapitaLand India Growth Fund 2 (CIGF2), a business park development fund with a target fund size of Singapore $525 million.

A worldwide institution has agreed to give CLI S$263 million (about Rs 16.3 billion) in exchange for a 50% ownership in the fund's initial close. CLI plans to keep a 20% sponsor stake in the fund.

The overall equity commitment for the first transaction is S$368 million (Rs 22.9 billion), including CLI's equity investment for the 20% share. It is anticipated that this will increase CLI's funds under management (FUM) by about S$700 million.

"Besides business parks, we see opportunities to invest in new economy assets such as data centers, logistics, and industrial properties in India through our private funds," said Simon Treacy, CEO of CLI's Private Equity Real Estate division.

As its seed asset, CIGF2 purchased from CLI a 70% equity position in International Tech Park Chennai, Radial Road (ITPC-Radial Road) for S$95 million (Rs 5.9 billion). After its divestiture, CLI will keep running the ITPC-Radial Road asset.

The 2.6 million square foot IT park is being built in two phases, with Phase 1 projected to be finished by the third quarter of 2023. It includes two blocks of Grade A office space.

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