Ascendas India Trust to acquire space in Bengaluru IT park for $197m

Ascendas India Trust to acquire space in Bengaluru IT park for $197m

Photo: Reuters

Singapore’s Ascendas Property Fund Trustee Pte. Ltd, the trustee-manager of Ascendas India Trust (a-iTrust) on Monday said it has entered into a forward purchase agreement with Gardencity Realty Pvt. Ltd to acquire two buildings in an IT Park in Bengaluru.

The total acquisition value, depending on certain factors including final rentals achieved, is currently estimated to be ₹1,441 crore. Ascendas India Trust will also provide funding for the development of the project as part of the forward purchase arrangement.

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