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Ascendas-Singbridge Group and GIC, Singapore’s sovereign wealth fund said they have acquired a 16-acre land parcel in Pune from real estate developer Kohinoor Group.
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 Singapore $600 million. Its first investment was in the International Tech Park, Gurgaon.
The land parcel acquired by Ascendas from the Kohinoor Group is located in Kharadi, the prime suburban business district of Pune.
With a total development potential of 2.2 million sq ft, the land parcel will be developed into an IT and IT SEZ 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.
Sanjay Dutt, CEO, Operations and Private Funds, Ascendas-Singbridge India, said: “Pune has seen a consistently strong demand for business space, evident from the high occupancy levels at our IT parks in the city managed by Ascendas-Singbridge. With the new site, 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.”
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