Ascendas Property Fund Trustee, the Trustee-Manager of Ascendas India Trust (“a-iTrust”) has announce that it has entered into a forward purchase agreement with Casa Grande Group (the “Transaction”) to acquire its first industrial facility (the “Project”) located at Mahindra World City, Chennai. a-iTrust will also provide funding for the development of the Project as part of the forward purchase arrangement.
The Project is an industrial facility with a net leasable area of approximately 0.42 million square feet. The Project is fully pre-leased to Pegatron Technology India Private, a wholly owned subsidiary of Pegatron Corporation. Pegatron Corporation is a listed Taiwanese contract electronics manufacturer. a-iTrust proposes to fund the balance development of the Project and subsequently acquire the asset.
Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager said, “The proposed acquisition will add exposure to the industrial asset class and diversify our portfolio. The industrial segment has been resilient through the pandemic. The Project also offers an opportunity to have a leading manufacturer like Pegatron within our tenant portfolio and support their expansion in India.”