CapitaLand India Trust acquires space in Hyderabad
Asia's largest diversified real estate group, CapitaLand India Trust (CLINT) has signed a forward purchase agreement with Phoenix Group to acquire two IT buildings in HITEC City, Hyderabad. The firm has taken a total leasable area of 2.5 million square feet. As per updates, CLINT will provide funding of Rs 215 crore to refinance the existing loan and receive interest on the financing at a rate that is higher than its borrowing cost.
The acquisition is expected to increase CLINT's earnings and distributions for Unitholders, with a pro forma net profit of around USD 4.5 million on a stabilized basis.
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