Ascendas India Trust to acquire IT-SEZ in Pune
Ascendas India Trust on Friday said it will acquire an upcoming IT-SEZ project in Pune, taking its total portfolio to 22 million sq ft.
New Delhi: Ascendas India Trust on 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 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.