Chennai, March 1 (IANS): CapitaLand India Trust (CLINT) part of the Singapore-based real estate group CapitaLand on Friday said that it has completed the acquisition of BlueRidge 3 Phase 1, a 1.4 million sq ft multi-tenanted IT SEZ project in Hinjawadi, Pune for Rs 7.73 billion.

CLINT has acquired the project, which comprises an IT building and a cafeteria block.

The acquisition is part of a forward purchase arrangement with Nalanda Shelter Private Limited that was announced on 14 June 2019.

Approximately 60 per cent of BlueRidge 3 Phase 1 has been leased out and leasing for the rest of Phase 1 is underway, CLINT said.

Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte Ltd (the Trustee-Manager of CLINT) said that the acquisition of BlueRidge 3 Phase 1 will strengthen our presence in Hinjawadi, one of Pune’s prominent IT markets.

“This property is located near aVance Hinjawadi, Pune, an approximately 1.5 million sq ft IT SEZ which was acquired in 2017,” he said.