Ascendas India Trust (a-iTrust) has entered into a forward purchase agreement with Gardencity Realty Private Limited to acquire two buildings in an IT Park with a total net leasable area of up to 1.65 million square feet located at Hebbal, Bangalore. The total purchase consideration for the Transaction would depend on certain factors, including final rentals achieved, and is currently estimated to be INR 14.41 billion (S$268.2 million). a-iTrust will also provide funding for the development of the project as part of the forward purchase arrangement.
Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager said, “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. The improving connectivity and infrastructure near the Project would benefit our tenants in the future.”