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Ascendas to buy space in Bengaluru for Rs 1,441 cr
Ascendas India Trust (a-iTrust) will acquire 1.65 million sq ft area at an IT park in Bengaluru for an estimated deal value of Rs 1,441 crore, according to a statement.
Ascendas Property Fund Trustee Pte Ltd, the Trustee-Manager of a-iTrust, has entered into a forward purchase agreement with Gardencity 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, Bengaluru.
a-iTrust will provide funding for the development of the project as part of the forward purchase arrangement, the company said in a statement.
It will subsequently acquire a net leasable area of up to 1.65 million sq ft in two buildings spread across two land parcels.
Initially, and during the construction period, a-iTrust’s investment in the construction of the project will be through debt.
“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, CEO of the Trustee-Manager.