Ascendas India Trust to acquire two buildings totalling 1.4 million square feet in Navi Mumbai
Ascendas Property Fund Trustee Pte Ltd., the Trustee-Manager of Ascendas India Trust (a-iTrust), has announced that it has entered into a forward purchase agreement to acquire two buildings with a combined super built-up area (SBA) of 1.4 million square feet in AURUM IT SEZ, located in Navi Mumbai. a-iTrust will also provide construction funding to the co-developer of the two buildings as part of the agreement.
AURUM IT SEZ is situated within the five million square feet mixed-use AURUM PLATZ IT Park development in Navi Mumbai. The SEZ consists of four IT buildings with a total SBA of 2.9 million square feet, of which two buildings are being acquired by a-iTrust through construction funding and a forward purchase arrangement. a-iTrust also has the right of first
refusal on the remaining two buildings with a combined SBA of approximately 1.5 million square feet.
The first building of 0.6 million square feet and the second building of 0.8 million square feet, are expected to be completed by second half 2018 and early 2020 respectively. The two buildings will be acquired separately by paying a top-up consideration, depending on the leasing level at the time of acquisition.
“The proposed acquisition of the two buildings in AURUM IT SEZ marks our foray into the IT Park business in Navi Mumbai, which is an important market for large multi-national corporations. The properties are strategically located on Thane-Belapur Expressway, a key IT corridor in Mumbai. The property is in close proximity to the Mumbai suburban network train station and in close proximity to campuses of other large Indian corporations. The acquisition will further diversify our portfolio and is expected to contribute positively to the financial performance of the Trust,”
said Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager.
@EPC World Media