The Lion City's sovereign wealth fund injected an investment to acquire a 16-acre land parcel in Pune India in partnership with Ascendas-Singbridge Group.
The site is located in the prime suburban district of Pune called Kharadi. The two entities acquired the property from the Kohinoor Group of Pune.
The land parcel is in close proximity to residential developments, hotels, business parks, malls, healthcare establishments, and educational institutions. Spanning a total development potential of 2.2 million square feet, the site will be hammered out into an IT Special Economic Zone park with facilities, a trademark of Ascendas-Singbridge's IT parks in India.
The initial phase will provide around one million square feet of space. The first part of the development is expected to be completed by early 2020.
Sanjay Dutt, CEO, Operations and Private Funds, Ascendas-Singbridge India said in a statement Pine has seen a consistently strong demand for business space, made apparent with the higher occupancy levels at the IT Parks managed by the group.
"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," he remarked.
The two parties said this is the second investment under the Ascendas India Growth Programme (AIGP), in which the sovereign fund is a principal investor along with Ascendas-Singbridge.
AIGP was established in 2013 and has a target asset size of S$600 million. Its first investment was in the International Tech Park Gurgaon
This latest acquisition under the AIGP is in line with plans by Ascendas-Singbridge and GIC to grow their portfolio and deepen their presence in India.