Ascendas India Trust to buy six warehouses in Panvel for $83m

Ascendas India Trust to buy six warehouses in Panvel for $83m

Photo: Reuters

Ascendas Property Fund Trustee Pte Ltd, the trustee manager of Ascendas India Trust (a-iTrust) has decided to acquire six-income-producing warehouses in Parvel, near Mumbai from Arshiya Ltd, logistics and supply management service provider. The deal is subject to certain approvals, according to a statement.

Ascendas will pay an upfront payment of Rs 434 crore ($67.2 million or S$91.4 million) and an additional deferred consideration of up to Rs 100 crore ($15.5 million or S$21.1 million) to be paid over the next four years depending on the performance of the company.

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