CapitaLand Investment to raise $300 million for IT, business parks

19 May 2023 CW Team

Singapore-based CapitaLand Investment is planning to raise around $300 million (about ₹2,500 crore) through one of its private funds to develop IT and business parks in India.

CapitaLand Investment, which manages real estate assets worth over $100 billion, has already raised around $600 million since 2018 to fund its asset purchases and develop its portfolio of real estate in India.

A fund of $300 million raised in 2018 has been fully deployed in logistics and warehousing assets, and a similar amount raised in 2022 will be deployed in similar assets in India over the next 6-7 years.

CapitaLand Investment's CEO of India Business Parks, Gauri Shankar Nagabhushanam, said that the planned fund raise is a work in progress.

CapitaLand Investment, through its Singapore-listed real estate investment trust CapitaLand India Trust, holds assets worth about $3 billion in India, which it plans to double to $6 billion over the next 3-4 years. It also plans to substantially increase its real estate holding from the current 17 million square feet (msf).

The asset manager follows a twin strategy in growing its portfolio in India. The first is through greenfield projects, where it buys land and develops it. The second strategy involves forward purchases, where it buys developed properties from an owner.

For instance, in November 2022, it entered into an agreement with L&T Realty to buy 6 msf of office assets in Mumbai, Chennai and Bengaluru. In January 2023, it entered into a forward agreement to acquire a 1 msf IT park in Bengaluru.

As a result of its land acquisition strategy, the company has a land bank of 500-600 acres, which will be used to develop its real estate assets in India. Of the total pipeline for the next 3-4 years, the asset manager will be developing about 8 msf through third-party acquisitions.

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Singapore-based CapitaLand Investment is planning to raise around $300 million (about ₹2,500 crore) through one of its private funds to develop IT and business parks in India.CapitaLand Investment, which manages real estate assets worth over $100 billion, has already raised around $600 million since 2018 to fund its asset purchases and develop its portfolio of real estate in India.A fund of $300 million raised in 2018 has been fully deployed in logistics and warehousing assets, and a similar amount raised in 2022 will be deployed in similar assets in India over the next 6-7 years.CapitaLand Investment's CEO of India Business Parks, Gauri Shankar Nagabhushanam, said that the planned fund raise is a work in progress.CapitaLand Investment, through its Singapore-listed real estate investment trust CapitaLand India Trust, holds assets worth about $3 billion in India, which it plans to double to $6 billion over the next 3-4 years. It also plans to substantially increase its real estate holding from the current 17 million square feet (msf).The asset manager follows a twin strategy in growing its portfolio in India. The first is through greenfield projects, where it buys land and develops it. The second strategy involves forward purchases, where it buys developed properties from an owner.For instance, in November 2022, it entered into an agreement with L&T Realty to buy 6 msf of office assets in Mumbai, Chennai and Bengaluru. In January 2023, it entered into a forward agreement to acquire a 1 msf IT park in Bengaluru.As a result of its land acquisition strategy, the company has a land bank of 500-600 acres, which will be used to develop its real estate assets in India. Of the total pipeline for the next 3-4 years, the asset manager will be developing about 8 msf through third-party acquisitions.Also ReadLand issues pose challenges for MCL's coal corridor projectLIC Housing Finance expands branches, focuses on LAP & recovery

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