Office realty: Ascendas to acquire 1.65 mn sq ft in Bengaluru
31 Mar 2021
2 Min Read
Editorial Team
Ascendas India Trust (a-iTrust) has entered into a forward purchase agreement with Garden City Realty Pvt Ltd to acquire two buildings in an IT Park with a total net leasable area of up to 1.65 million sq ft located at Hebbal, a north Bengaluru suburb, at an estimated deal value of Rs 1,441 crore.
The company will provide funding for developing the project as part of the forward purchase arrangement, the company told the media. It will subsequently acquire a net leasable area of up to 1.65 million sq ft in two buildings spread across two land parcels.
During the construction period, Ascendas India Trust's investment in the project's construction will be through debt. Ascendas will provide funding towards the development of the project of about Rs 828 crore.
Upon obtaining the occupancy certificate and fulfilment of other key conditions of the project, a-iTrust will purchase 100% of the shares of the two entities developing the project.
As a result of the acquisition of these two IT buildings, Ascendas India Trust's portfolio size鈥攊ncluding pipeline projects, will increase by 7.2%, from 23.2 million sq ft to 24.9 million sq ft.
a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion.
Ascendas India Trust portfolio comprises seven IT business parks and one logistics park in India. It is structured as a business trust, offering stable income distributions similar to a real estate investment trust (REIT).
The company is managed by Ascendas Property Fund Trustee Pte Ltd. The trustee-manager is a wholly-owned subsidiary of Singapore-listed CapitaLand Limited. a-iTrust was listed on the Singapore Exchange Securities Trading Ltd (SGX-ST) in August 2007 as the first Indian property trust in Asia.
, Ascendas鈥檚 plans to buy about 1 million sq ft of property in late 2019 at an estimated price of Rs 750 crore from Garden City Realty in north Bengaluru.
Also read: Pune, MMR, B鈥檒uru top cities for property investment: Report
Also read: More REITs in India to be listed in 2021: JLL
Ascendas India Trust (a-iTrust) has entered into a forward purchase agreement with Garden City Realty Pvt Ltd to acquire two buildings in an IT Park with a total net leasable area of up to 1.65 million sq ft located at Hebbal, a north Bengaluru suburb, at an estimated deal value of Rs 1,441 crore.
The company will provide funding for developing the project as part of the forward purchase arrangement, the company told the media. It will subsequently acquire a net leasable area of up to 1.65 million sq ft in two buildings spread across two land parcels.
During the construction period, Ascendas India Trust's investment in the project's construction will be through debt. Ascendas will provide funding towards the development of the project of about Rs 828 crore.
Upon obtaining the occupancy certificate and fulfilment of other key conditions of the project, a-iTrust will purchase 100% of the shares of the two entities developing the project.
As a result of the acquisition of these two IT buildings, Ascendas India Trust's portfolio size鈥攊ncluding pipeline projects, will increase by 7.2%, from 23.2 million sq ft to 24.9 million sq ft.
a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion.
Ascendas India Trust portfolio comprises seven IT business parks and one logistics park in India. It is structured as a business trust, offering stable income distributions similar to a real estate investment trust (REIT).
The company is managed by Ascendas Property Fund Trustee Pte Ltd. The trustee-manager is a wholly-owned subsidiary of Singapore-listed CapitaLand Limited. a-iTrust was listed on the Singapore Exchange Securities Trading Ltd (SGX-ST) in August 2007 as the first Indian property trust in Asia.
We have previously reported, Ascendas鈥檚 plans to buy about 1 million sq ft of property in late 2019 at an estimated price of Rs 750 crore from Garden City Realty in north Bengaluru.
Image Source
Also read: Pune, MMR, B鈥檒uru top cities for property investment: Report
Also read: More REITs in India to be listed in 2021: JLL
Next Story
Blum India brings Design Reverie to Hyderabad
Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..
Next Story
Hafele launches Platinum Studio in Nagpur
Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..
Next Story
Truflo by Hindware wins GPTW honour again
Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..
