CapitaLand acquires site to build IT park, office complex in India

CapitaLand has acquired a prime 30-acre site to build its first IT park and a grade-A office complex in India.

The deal was done through its 49 percent-owned associate LOMA IT Park Developers.

The site was purchased at a price of S$79 million from Standard Industries, a company listed on the Bombay Stock Exchange and the National Stock Exchange of India.

It is located in the Trans Thana Creek industrial area in Thana district, Navi Mumbai.

CapitaLand said the development will comprise about 2.5 million square feet of built-up space, of which about half will be set aside for IT companies.

The development will be built over the next five years. Construction work is expected to start by the first quarter of 2009. – CNA/ac

Source : Channel NewsAsia – 24 Apr 2008

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