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:

Meesho Becomes the First E-commerce Marketplace to Offer Zero Percent Commission to Sellers

Media processing company Gumlet raises USD$1.6 million in funding led by Sequoia Capital India's Surge

Fino Payments Bank's QR code based UPI solution to drive P2M digital payments

CM Naveen Patnaik performed Inauguration/ Ground-breaking of 14 industrial projects worth INR 1,537.07 Crore

GO FIRST Marks a stellar growth in market share to 8.3%

Vikram Solar becomes India's largest module manufacturer with upto 2.5 GW capacity

Sales share of Noida and Greater Noida in NCR was 49% in H1 2021: Report

Light Microfinance garners US$ 10 million in Series-A funding

Zurich Airport International AG signs shareholder agreement for the development of Noida International Airport

Alstom begins manufacturing of modern commuter & transit trains for Delhi-Ghaziabad-Meerut RRTS project

FedEx Express and Delhivery Come Together to Unlock Cross-Border Potential in India

Bridgeweave launches AI-powered InvestorAi - Your Personal Investment Analyst

TO THE NEW becomes a Partner of Google Cloud Platform

RAIN Technologies proudly launches RAIN TRADER, a marketplace for fully automated, algorithmic investing and trading models

Safexpress launches its 62nd ultra-modern Logistics Park in Navi Mumbai

DBS Bank India grows profitability despite impact from amalgamation of Lakshmi Vilas Bank

Green Soul raises Rs 1.5 Cr in revenue-based financing from Velocity

Liberty General Insurance Launches #Liberty365

CapitaLand launches second S$400 million logistics private fund in India

SBM Bank India collaborates with Drip Capital to empower MSME Exporters

Flipkart Wholesale launches digital platform in Bihar

Tata Electronics and SASTRA University join hands to foster deep domain expertise in electronics design and manufacturing

PRIME Database and Acuité Ratings collaborate to offer a comprehensive database on credit rating migrations

Bharti Axa Life Insurance reports 10% growth in renewal premium for year ended March 31, 2021

ICAI Partnering MSMEs to Bolster them on Global Map

BANKIT's new business unit to offer customizable prepaid cards for MSMEs, startups and corporates

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


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

disclaimer copyright © 2005 - 2020