16-acre site for 2.2M sq ft commercial space.
The prime suburban business district of Pune will get a new Singapore-brand Information Technology (IT) park by 2020 following a land deal announced on 23 August 2017.
The IT park will be developed by Ascendas-Singbridge Group, Asia’s leading sustainable urban development and business space solutions provider, and Government Investment Corp (GIC), Singapore’s sovereign wealth fund.
The two investors have acquired a 16-acre land parcel in Pune with a development potential of 2.2 million sq ft of an IT and IT Special Economic Zone park with supporting amenities, a trademark of Ascendas-Singbridge’s IT parks in India.
The first phase will offer approximately one million sq ft of space, and is scheduled to be completed by early 2020 to the advantage of occupiers, said a joint statement from the two investors.
“Pune has seen a consistently strong demand for business space which is evident from the high occupancy levels at our IT parks in the city managed by Ascendas-Singbridge,” said Sanjay Dutt, CEO, Operations and Private Funds, Ascendas-Singbridge India.
“With this new site in Kharadi, we will be able to offer our occupiers more options within the city.
“This development will offer the best in terms of quality, services and amenities to enable our occupiers to manage their operations efficiently and enjoy the best experience,” said Dutt.
Acquired from the Kohinoor Group of Pune, the Kharadi land is close to social infrastructure such as residential developments, hotels, business parks, malls, educational and medical institutions.
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$600 million. Its first investment was in the International Tech Park Gurgaon.
It made acquisition of 60-acre site for the International Tech Park Gurgaon last year for developing 8 million sq ft of international standard business space.
The latest investment is in line with plans by Ascendas-Singbridge and GIC to grow their portfolio and deepen their presence in India.
The two investors are representatives of Singapore government investment planners including Temasek Holdings and JTC Holdings. fii-news.com
