14 June 2019, Singapore – Ascendas
Property Fund Trustee Pte. Ltd., the Trustee-Manager of Ascendas India Trust (“a-iTrust”), is pleased to announce that it
has entered into a master agreement with Nalanda Shelter Private Limited (“NSPL”) and Brickmix Developers Private
Limited (“BDPL”), (collectively are
referred to as the “Vendor”) to
acquire BlueRidge 3, an IT/ITES special economic zone development with a total
net leasable area up to 1.8 million square feet1 located at
Hinjewadi, Pune. The Project will be developed in two phases. a-iTrust will
also provide project funding as part of the agreement.
About the
project
BlueRidge 3
shall be developed over two phases comprising of 2 IT office buildings and a
cafeteria block. The project is located in Hinjewadi Phase 1, a
well-established IT cluster and is in the close vicinity of BlueRidge 2, an
existing asset within the portfolio.
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.
Mr. Sanjeev Dasgupta, Chief Executive Officer of the
Trustee-Manager said, “The
proposed acquisition of BlueRidge 3,
will strengthen our presence in Hinjewadi, one of Pune’s prominent IT/ITES SEZ
micro-markets. BlueRidge 3 is located in close proximity to BlueRidge 2 and
would help our tenants to gain economies of scale and cater to their future
expansion, while offering their employees a work-live-play environment within
BlueRidge township which extends over 138 acres.”
1 Currently, a-iTrust is
conservatively underwriting total net leasable area upto 1.7 million square
feet. On compliance of certain conditions by the Vendor, total net leasable
area can increase upto 1.8 million square feet.
Details of the
transaction
BlueRidge 3
Pursuant to
the terms of the master agreement, a-iTrust shall provide project funding
towards repayment of certain existing liabilities and construction and upon
project obtaining occupancy certificate and fulfilment of other key conditions,
a-iTrust shall purchase 100% of the shares in NSPL and/or BDPL.
Effect on
portfolio
As a result
of the acquisition of BlueRidge 3, a-iTrust’s committed portfolio2 size will
increase by 7.0% from approximately 20.2 million square feet to approximately
22.0 million square feet.
Ascendas India
Trust (www.a-iTrust.com)
Ascendas
India Trust (“a-iTrust” or the “Trust”) was listed in August 2007 as the first
Indian property trust in Asia. Its principal objective is to own income-producing
real estate used primarily as business space in India. a-iTrust may also
develop and acquire land or uncompleted developments primarily to be used as
business space, with the objective of holding the properties upon completion.
The portfolio comprises seven world-class IT business parks and six modern
warehouses in India, namely the International Tech Park Bangalore,
International Tech Park Chennai and CyberVale in Chennai, CyberPearl, The V and
aVance Business Hub in Hyderabad, BlueRidge 2 in Pune and Arshiya warehouses
near Mumbai. a-iTrust is structured as a business trust, offering stable income
distributions similar to a Real Estate Investment Trust. The Trust focuses on
enhancing shareholder value by actively managing existing properties, developing
vacant land in its portfolio, and acquiring new properties. a-iTrust is managed
by Ascendas property Fund Trustee Pte. Ltd., a subsidiary of
Ascendas-Singbridge Group.
2 Includes the
proposed acquisition of two buildings in AURUM IT SEZ as announced on 14 May
2018, acquisition of aVance 5 and 6 in aVance Business Hub as announced on 21
May 2018, acquisition of aVance A1 and A2 as announced on 31 July 2018 and
development pipeline in existing projects.
Ascendas-Singbridge
Group is a leading provider of sustainable urban development and business space
solutions with Assets Under Management exceeding S$20 billion.
Ascendas-Singbridge
Group undertakes projects spanning townships, mixed-use developments,
business/industrial parks, offices, hotels and warehouses. Headquartered in
Singapore, the Group has a presence across 11 countries in Asia, Australia,
Europe and the United States of America.
Ascendas-Singbridge
Group has deep capabilities in real estate fund management, holding commercial,
hospitality and industrial assets. It has a substantial interest in and also
manages three Singapore-listed funds under its subsidiary Ascendas, namely
Ascendas Reit (a Straits Times Index component stock), Ascendas India Trust and
Ascendas Hospitality Trust. Besides these listed funds, it also manages a
series of private real estate funds.
Important
Notice
The value
of units and the income derived from them may fall as well as rise. Units are
not obligations of, deposits in, or guaranteed by, the Trustee-Manager or any
of its affiliates. An investment in units is subject to investment risks,
including the possible loss of the principal amount invested. Investors have no
right to request the Trustee-Manager to redeem their units while the units are
listed. It is intended that unitholders of a-iTrust may only deal in their
units through trading on the SGX-ST. Listing of the units on the SGX-ST does
not guarantee a liquid market for the units. The past performance of a-iTrust
is not necessarily indicative of the future performance of a-iTrust. This
release may contain forward-looking statements that involve risks and
uncertainties. Actual future performance, outcomes and results may differ
materially from those expressed in forward-looking statements as a result of a
number of risks, uncertainties and assumptions. Representative examples of
these factors include (without limitation) general industry and economic
conditions, interest rate trends, cost of capital and capital availability,
competition from other developments or companies, shifts in expected levels of
property rental income and occupancy rate, changes in operating expenses
(including employee wages, benefits and training costs), governmental and
public policy changes and the continued availability of financing in the
amounts and the terms necessary to support future business. Investors are
cautioned not to place undue reliance on these forward-looking statements.
No comments:
Post a Comment