**CapitaLand Expands Presence in India Amid Economic Growth**
The International Tech Park Bangalore (ITPB), a 69-acre campus located in the Whitefield suburb, has seen a resurgence in activity following the pandemic-induced shift to remote and hybrid work. Once quiet, the park is now bustling with people, featuring a mix of commercial buildings, including a mall, a premium hotel, recreational facilities, and offices for major multinational corporations. Some of the older structures are undergoing renovations, and a large parking area is being transformed into a construction site for approximately 2.4 million square feet of new office space.
This revitalization reflects a broader trend across India, where office occupancy is on the rise and demand for office spaces is booming. Singapore-based CapitaLand Investment (CLI), which operates and holds a majority stake in ITPB, is capitalizing on this renewal as part of its strategic expansion in India. Last September, CLI announced plans to more than double its $5.7 billion in assets under management in India by 2028. The new investments will focus on existing sectors such as office parks, logistics, industrial real estate, data centers, and lodging, while also exploring new areas like renewable energy and private credit for real estate.
CLI’s decision to broaden its footprint in India is largely driven by the country’s promising economic growth. However, it is also motivated by the need to diversify its investments in Asia due to challenges in key markets. The “China + 1” strategy has emerged as a response to the increasing costs and trade tensions associated with manufacturing in China. While CLI is not a goods manufacturer, it has adopted a similar approach by seeking alternative investment opportunities beyond China, reflecting a shift in strategy for many multinational companies.
