According to a statement, Aldras India Trust (A-iCrist) will acquire 1.65 million square feet of area at an IT park in Bengaluru, with an estimated value of Rs 1,441 crore.
Assalas Property Fund Trustee Pte. Ltd, the trustee-manager of Ek-Christ, has entered into a forward purchase agreement with Gardenity Realty Pvt Ltd. Ltd., to acquire two buildings in an IT park with a total net payable area of up to 1.65 million square feet located at Hebbal, Bengaluru. A company statement said that iStrack would provide funding for the development of the project.
It would later achieve a net leaseable area of up to 1.65 million square feet in two buildings spread over two land parcels. Initially, and during the construction period, An-iTrust’s investment in the construction of the project will be through loans. a-iTrust approx. 828 crore will provide funds for the development of the project.
On acquiring an occupancy certificate and meeting other key conditions, one-iTrust will buy 100% of the shares of the two entities developing the project.
Sanjeev Dasgupta, Chief Executive Officer of Trustee-Manager, said, “The proposed acquisition will provide an opportunity to establish our presence in Hebbal, one of Bengaluru’s upcoming IT / ITES micro-markets, which is currently running steady demand and rent . “
He said that our tenants would benefit in the future by the close connectivity of the project and the improvement in infrastructure.
“The total purchase consideration for the transaction will depend on certain factors, including obtaining the final rental, and is currently estimated at (14.41 billion (268.2 million Singapore dollars).
As a result of the acquisition of these two IT buildings, Ek-iTrust’s portfolio size (including pipeline projects) will increase by 7.2% from 23.2 million square feet to 24.9 million square feet.
In August 2007, Singapore Exchange Securities Trading Limited (SGX-ST) was listed as the first Indian property trust in Asia.
Its main objective is to own income-producing real estate used primarily as a commercial space in India.
A-iTrust can also develop and acquire land or incomplete development used primarily as a commercial space, which is intended to hold the assets upon completion. As of December 31, 2020, A-iTrust has $ 2.1 billion Singaporean assets under management.
A-Christ’s portfolio consists of seven world-class IT business parks and a logistics park in India. It is structured as a business trust, offering stable income distribution similar to a real estate investment trust (REIT).
A-iTrust to Ascendas Property Fund Trustee Pte Ltd. Is managed by The trustee-manager is a wholly owned subsidiary of Singapore-listed CapitaLand Limited, one of the largest diversified real estate groups in Asia.
Capitoland owns and manages a global portfolio of 132.5 Singapore Billion as of December 31, 2020.
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