11:46 PM EST, 01/18/2023 (MT Newswires) -- CapitaLand India Trust (SGX:CY6U) has signed a forward purchase agreement to acquire a part of an Information Technology park in Bangalore, India for about 12.26 billion Indian rupees, according to a Wednesday release.

The IT park comprises two buildings with an aggregate net leasable area of about 1.5 million square feet. The Singaporean trust will acquire one of the buildings with a net leasable area of 1 million square feet, while the other building with a net leasable area of about 500,000 square feet will be retained by the landowners.

CapitaLand India Trust will provide funding for the development of the project as part of the forward purchase arrangement through debt and internal resources.

The forward purchase acquisition will be executed after completion of the construction of the building the trust is acquiring, the release said.

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