In March, the REIT completed the acquisition of the 1.4 million sqft aVance II, Pune — previously known as BlueRidge 3 Phase 1 — an IT special economic zone (SEZ) project in Hinjawadi, Pune of which 63% has been leased to multinational companies.
Also during the quarter, CLINT entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities aggregating to 0.79 million sqft at OneHub Chennai. The Phase 1 acquisition is expected to be completed by 1H2025, with the transaction offering further diversification into the industrial asset class, says the REIT.
As at March 31, CLINT has a committed portfolio occupancy of 94%. Its properties span 21.0 million sqft, a 24% y-o-y increase in total floor area.
The REIT’s weighted average lease expiry (WALE) is at 3.4 years. According to the REIT manager, 40% of the leases expiring in 2024 will either be renewed or are “highly likely” to be renewed.
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Units in CLINT closed 1.5 cents higher or 1.53% up at 99.5 cents on April 24.
