Ascendas proposes to acquire industrial facility at Mahindra World City in Chennai

CHENNAI:

Ascendas

Property Fund Trustee Pte Limited, in its capacity as trustee-manager of

Ascendas India Trust

(a-iTrust), on Wednesday announced that it has entered into definitive agreements for the proposed acquisition of

Casa Grande

– Phase 1, a 0.42 million square feet industrial facility at

Mahindra World City

in Chennai for Rs 212 crore.


The facility is fully leased to a leading international electronics contract manufacturer.

According to a statement, this is pursuant to the forward purchase arrangement announced on March 5, 2021. The definitive agreements for the acquisition have been executed with the vendors to acquire all of the issued share capital CLPPL, which owns Casa Grande – Phase 1, the statement added.

Casa Grande – Phase 1 is the first of the industrial facilities covered in the March 2021 forward purchase agreement with the vendors. a-iTrust has the option to fund the development of Casa Grande – Phase 2, comprising two industrial facilities with an aggregate net leasable area of approximately 0.31 million square feet.

Sanjeev Dasgupta, CEO of the trustee-manager, said, “The acquisition of Casa Grande – Phase 1 marks a-iTrust’s first investment in the industrial segment. This is a high-tech asset focused on assembly of cellphone products and components." This acquisition validates our diversification strategy in the industrial and logistics segments, he added.


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