<article>Singapore listed <a href="http://www.a-itrust.com/" target="_blank">Ascendas India Trust (a-iTrust)</a>, will shell out about S$190 million ($152 million approximately) to acquire a 1.5 million square feet IT property in Pune, India, the company said.</article>

Singapore listed <a href="http://www.a-itrust.com/" target="_blank">Ascendas India Trust (a-iTrust)</a>, will shell out about S$190 million ($152 million approximately) to acquire a 1.5 million square feet IT property in Pune, India, the company said.
The acquisition will be through a two-stage process.  a-iTrust will first subscribe to non-convertible debentures (NCD) amounting to S$54 million issued by the co-developer of the property &#8211; <a href="http://blueridge.in/" target="_blank">BlueRidge</a> Phase II. The timing of the NCD subscription is tied to project’s funding requirements.
On subscription, a-iTrust will receive an agreed coupon on the NCD that is higher than its borrowing costs.
In the second stage, on 31 December 2016, a-iTrust will complete the acquisition of BlueRidge Phase II by buying 100 per cent of the shares in the co-developer, if a minimum leasing threshold is met. The deal also allows the existing shareholders of the co-developer to sell their shares to a-iTrust before 31 December 2016, if BlueRidge Phase II attains 90 per cent or a higher leasing level, the company said.
“The acquisition price will be determined in accordance with an agreed formula, which takes into account the rental, rental escalation and leasing level of BlueRidge Phase II at the time of sale. Depending on the conditions present at the time of sale, the acquisition price is not expected to exceed S$133.0 million,” the company said.
BlueRidge Phase II will increase a-iTrust’s portfolio of operating space from 7.5 million sq ft to 9.0 million sq ft.
a-iTrust, which was listed in August 2007, is the first Indian property trust in Asia.
Ascendas India shares closed at 80 cents on Monday.

a-iTrust to buy $152m IT property in India

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a-iTrust to buy $152m IT property in India

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