CLI has secured S$263 million (Rs 16.3 billion) from a global institution for a 50% stake in the fund’s first closing. CLI intends to maintain a sponsor stake of 20% in the fund.
Including CLI’s equity contribution for the 20% stake, total equity commitment for the first closing is S$368 million (Rs 22.9 billion). This is expected to add approximately S$700 million to CLI’s funds under management (FUM).
Simon Treacy, CEO, (Private Equity Real Estate), CLI, said, “Besides business parks, we see opportunities to invest in new economy assets such as data centres, logistics and industrial properties in India through our private funds.”
CIGF2 has acquired an equity stake of 70% in International Tech Park Chennai, Radial Road (ITPC-Radial Road) from CLI for S$95 million (Rs 5.9 billion) as its seed asset. CLI will continue to manage the ITPC-Radial Road asset after its divestment.
The 2.6 million-sq ft IT park offers two blocks of Grade A office space and is being developed in two phases, with Phase 1 expected to be completed by the third quarter of 2023.
Published On Aug 10, 2023 at 09:43 AM IST
Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.
We provides services in the real estate market catering to residential & commercial buyers and sellers, financiers & investors. Our expert advisory will help to fulfil the requirement of our customers & associates.