Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Industry News

| More

Ascendas India Trust to invest in a forward purchase acquisition of 1.65 million square feet of an IT Park at Hebbal, Bangalore

Posted On: 2021-03-29 02:43:05 (Time Zone: Arizona, USA)


Ascendas Property Fund Trustee Pte. Ltd., the Trustee-Manager of Ascendas India Trust ("a-iTrust"), has entered into a forward purchase agreement with Gardencity Realty Private Limited ("Vendor") 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. a-iTrust will also provide funding for the development of the project as part of the forward purchase arrangement.

The Project comprises three buildings spread across two land parcels, with an aggregate net leasable area of approximately 2.26 million square feet. a-iTrust proposes to fund the development of the Project and subsequently acquire a net leasable area of up to 1.65 million square feet in two buildings spread across two land parcels (the "Transaction").

Initially, and during the construction period, a-iTrust's investment in the construction of the Project will be through debt. The forward purchase acquisition will take place after completion of the construction and is subject to the receipt of the occupancy certificate for the Project and other key conditions.

Mr 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."

Details of the Transaction

Pursuant to the terms of the funding documents, a-iTrust shall provide funding towards development of the Project of approximately INR 8.28 billion (S$154.1 million). Upon the Project obtaining the occupancy certificate and fulfilment of other key conditions, a-iTrust shall purchase 100% of the shares of the two entities developing the Project. 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 million3).

Effect on portfolio

As a result of the acquisition of these two IT buildings, a-iTrust's portfolio size (including pipeline projects) will increase by 7.2% from approximately 23.2 million square feet to approximately 24.9 million square feet.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Pune attracted institutional investments of ~INR 9,600 crore during 2015-20; 77% accounted for offshore investors: JLL

NCML Announces Corporate Name Change to National Commodities Management Services Limited

Bharti AXA Life Insurance appoints Rahul Bhuskute as Chief Investment Officer

SVC Bank clocks record Profit of INR 150.21 Crore in FY 2020-21

64% of outdated Grade A office space in India presents an estimated INR 5,500 crores of untapped investment value: JLL

Compact office demand increasing in post-COVID scenario

Indian data center sector to require $3.7 billion of investment by 2023 to meet demand: JLL

Aluminium Industry reiterates urgency for 5% RoDTEP rate for economic sustainability

Cold chain logistics expected to grow by over 20% CAGR by 2025: JLL

Emerging trends in the consumer durables industry in the 'new normal' - Parag Kulkarni, MD, A. O. Smith India

Five Years of RERA have been transformational for the Realty Industry

Fino Payments Bank goes live with enhanced deposit limit of ₹2 lakh

Ageas Federal Life Insurance launches Saral Pension

Manipal Hosptials completes the acquisition of 100% stake in Columbia Asia Hospitals in India

Leading EV manufacturer Komaki Creates New Battery Technology that boasts of a blistering 220+ km range

Government of Odisha approves 9 new industrial projects worth INR 2570.54 Crore at the 100th SLSWCA meet

SIAM hosts 12th Lecture Series on Hybrid and Electric Vehicles in India: Development, Testing & Homologation

Top 5 Startups Fueling Innovative Financial Inclusion Solutions in India

Tech Trends that will Rule the Gaming Industry in 2021

LIC's Branding Rights of Andheri Metro Station, campaign executed by Times OOH

Bharat Biotech to expand COVAXIN® capacity to support vaccination campaigns in India and Worldwide

Lowering age to 18 yrs for vaccination, decisive step to restore confidence, says ASSOCHAM

Home Credit Partners with SEWA Bharat to restore livelihoods of nano entrepreneurs

Ascendas India Trust secures maiden S$100 million sustainability-linked loan from UOB

Noida International Airport begins the pre-qualification process for airport development and construction tender

Fractional ownership providing boost to Commercial Real Estate

Bharti AXA Life Insurance establishes bancassurance partnership with Fincare Small Finance Bank

NCR witness 111% jump in new launches

Pitstop raises USD 3.5 million in pre-series B funding led by Ventureast

CPAI urges Maharashtra govt to classify stock broking under essential services amid new COVID-19 curbs

BYJU'S to acquire Aakash Educational Services Limited through a strategic merger

Shriram Life Insurance introduces settlement of claims within 12 hours

JICA signs loan agreement for JPY 10 billion with TCCL for Climate Change Management Project in India

Arcil appoints Mr. Pallav Mohapatra as Chief Executive Officer & Managing Director

Home Credit strengthens its Insurance Portfolio

Yamuna International Airport's proposed term loans rated at 'Provisional IND A-'/Stable by India Ratings

MoU Signing for the Integrated Steel Complex by ArcelorMittal Nippon Steel India at Kendrapara held

SVC Bank bags 'Best Co-op Bank in India 2020' Award at World Leadership Awards

To cash in on retail rush, brokerages shower freebies on investors

SIDBI and NSE joins hands for co-operation in various MSME related initiatives

Honda posts robust 31% growth with 4 lac+ domestic sales in Feb'21

Hyundai Motor India registers cumulative sales of 61,800 Units in Feb'21

SIDBI joins hands with Government of Andhra Pradesh for the Development of MSME ecosystem in the State

Bauxite Average Sale Price (ASP) needs correction for Indian Aluminium to be competitive

Fino Payments Bank is now a scheduled bank

UST Acquires ServiceNow Business from abhra, Inc.

First batch of Sputnik V vaccine delivered to Mexico

Fino Payments Bank to on board 10000 women from SHGs as banking agents in Uttar Pradesh

Liberty General Insurance Rolls Out AI-based Automated Car Inspections

Ageas Federal Life Insurance launches its Life Advantage Plus Plan


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020