Ascendas India trust signs ₹1,441-crore IT park deal
The Hindu
Firm to eventually buy 100% of project
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 ₹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 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. a-iTrust will provide funding towards development of the project of about ₹828 crore.
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