Ascendas makes first industrial investment
Premium- Ascendas Property Fund has entered into definitive agreements for the proposed acquisition of Casa Grande – Phase 1, a 0.42 million sq ft industrial facility at Mahindra World City, Chennai
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BENGALURU : Ascendas Property Fund Trustee Pte. Limited, the Trustee-Manager of Ascendas India Trust (a-iTrust), on Wednesday said it has entered into definitive agreements for the proposed acquisition of Casa Grande – Phase 1, a 0.42 million sq ft industrial facility at Mahindra World City, Chennai.
This is following the forward purchase arrangement with the shareholders of Chengalpattu Logistics Parks Pvt Ltd (CLPPL) that was announced on 5 March 2021. The definitive agreements for the acquisition have been executed to acquire all of the issued share capital in CLPPL, which owns Casa Grande – Phase 1, for a consideration of ₹212 crore.
The facility is fully leased to a leading international electronics contract manufacturer.
Casa Grande – Phase 1 is the first of the industrial facilities covered in the March 2021 forward purchase agreement. 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 sq ft.
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“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. The property is located at Mahindra World City, a leading industrial township and an established industrial micro-market in Chennai. The acquisition validates our diversification strategy in the industrial and logistics segments," said Sanjeev Dasgupta, chief executive officer of the Trustee-Manager.
