CapitaLand Investment opens a Tech Park in Chennai
By MYBRANDBOOK
The first phase of Chennai's 5 million square foot International Tech Park has been opened by CapitaLand Investment. Phase 1 and Phase 2 investments combined will amount to a total of Rs 1,600 crore.
The Tech Park is located on the Radial Road and was inaugurated by Tamil Nadu Chief Minister M K Stalin on October 31.
A lease agreement has already been inked with Vestas Wind Technology India for office space for about 2.5 lakh sq ft. Phase 2 activities are anticipated to start in Q2 2024.
ITPC-Radial Road’s Phase 1 and 2 are being developed by CapitaLand Investment under the newly launched CapitaLand India Growth Fund 2 (CIGF2), with a target fund size of $525 million to invest in Grade A business parks in prime locations across gateway cities in India.
CLI bagged $262.5 million from Mitsubishi Estate in August 2023 for a 50 percent stake in the fund’s first closing. CIGF2 has since acquired a 70 percent equity stake in ITPC-Radial Road as a seed asset from CLI for $95 million and the remaining 30 percent stake is held by CLI. After divestment, ITPC-Radial Road will be maintained by CLI.
"It is a proud moment for all of us as CapitaLand Investments is also joining those companies by setting up an office on a 5 million sq ft space today. It has planned to set up office buildings that can accommodate 50,000 IT engineers," the Chief Minister said at the inauguration.
Commenting on the launch, Sanjeev Dasgupta, CEO of CLI India said, "To date, CLI has invested about $750-$800 million in Chennai and we expect to invest over $500 million in the next five years across multiple asset classes, with a special focus on IT parks, logistics, and data centres. We hope to further contribute to the government’s efforts in enhancing the state's infrastructure."
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