Ascendas India Trust to buy 1.65 mn sq ft space for Rs 1,441 cr in engaluru
New Delhi: Ascendas India Trust is going to purchase about 1.65 million square feet space in an IT park in Bengaluru for Rs 1,441 crore.
Ascendas Property Fund Trustee Pte Ltd is the trustee-manager of Ascendas India Trust. Ascendas Property Fund Trustee Pte Ltd has inked a forward purchase agreement with India’s Gardencity Realty to buy 2 buildings in an IT park having a total net leasable space of up to 1.65 million square feet in Bengaluru, the former said in a statement.
Ascendas India Trust will fund the development of the IT Park project as part of the agreement. It will eventually buy net leasable area of up to 1.65 million square feet in 2 buildings across 2 land pieces.
During the construction of the project, Ascendas India Trust's investment will be by way of debt. Ascendas India Trust will fund the project to the tune of Rs 828 crore.
"The proposed acquisition will provide an opportunity to establish our presence in Hebbal, one of Bangalore's upcoming IT/ITeS micro-markets, which is currently witnessing stable demand and rent," said Sanjeev Dasgupta, chief executive officer of the Trustee-Manager.