CHENNAI: Ascendas Property Fund Trustee Pte Ltd., the Trustee-Manager of Ascendas India Trust (a-iTrust), has entered into a forward purchase agreement with the Casa Grande Group to acquire two industrial assets (Casa Grande – Phase 2 or the Phase 2 Project) located at Mahindra World City, Chennai.
a-iTrust will also provide funding for the development of the Phase 2 Project as part of the forward purchase arrangement.
This is in addition to the earlier forward purchase transaction announced on 5 March 2021 for a 0.42 mn sqft fully-leased industrial facility (‘Casa Grande – Phase 1’) within the same micro-market.
The acquisition of Casa Grande – Phase 1 was completed on 27 May, 2022.
Sanjeev Dasgupta, CEO of the Trustee-Manager said, “The proposed acquisition provides an opportunity to increase exposure to the industrial sector and expand our presence in Mahindra World City, a prime industrial corridor in Chennai.”
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