Ascendas India Trust Friday said it will acquire an upcoming IT-SEZ project in Pune, taking its total portfolio to 22 million sq ft. Ascendas Property Fund Trustee Pte Ltd, the trustee-manager of Ascendas India Trust (a-iTrust), in a statement said it has entered into a master agreement with Nalanda Shelter Pvt Ltd (NSPL) and Brickmix Developers Pvt Ltd (BDPL) to acquire BlueRidge 3, an IT/ITES special economic zone development with a total net leasable area up to 1.8 million sq ft.
"The project will be developed in two phases. a-iTrust will also provide project funding as part of the agreement," it added. Initially and during the construction period, a-iTrust's investment will be through debt to be used towards repayment of certain existing liabilities and construction. The forward purchase acquisition will be after completion of the project and is subject to receipt of occupancy certificate and other key conditions. Ascendas Property Fund Chief Executive Officer Sanjeev Dasgupta said the proposed acquisition of this project will strengthen presence in Hinjewadi, one of Pune's prominent IT/ITES SEZ micro-markets.
"As a result of the acquisition of BlueRidge 3, a-iTrust's committed portfolio size will increase by 7 per cent from approximately 20.2 million sq ft to approximately 22.0 million sq ft," it added. a-iTrust was listed in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India. Its current portfolio comprises seven world-class IT business parks and six modern warehouses in India. The company is structured as a business trust, offering stable income distributions similar to a Real Estate Investment Trust (REIT). a-iTrust is managed by Ascendas Property Fund Trustee Pte Ltd, a subsidiary of Ascendas-Singbridge Group.
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