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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Ascendas India Trust to buy IT special economic zone

The IT/ITES SEZ development has a total net leasable area up to 1.8m sqft.

Ascendas Property Fund India (APFi), the wholly-owned subsidiary of trustee-manager, Ascendas Property Fund Trustee, has entered into a sales agreement with Nalanda Shelter Private (NSPL) and Brickmix Developers Private (BDPL) to buy BlueRidge 3, an IT/ITES special economic zone development. The estimated purchase price for Phase I is $146.4m (INR 7390m).

Based at Hinjewadi, Pune, the property has a total net leasable area up to 1.8m sqft.

According to an SGX filing, a-iTrust shall provide the vendor $97.6m (INR4927m) for loan repayments, balance land payments and construction funding in respect of Phase I. 

For Phase 1, Information Technology Park (ITPL), the trustee-manager's subsidiary, has made an Inter-Corporate Deposits Agreement (ICD Agreement) with NSPL to provide ICDs for the part repayments of NSPL’s existing loans and the entire balance payment for the land property.

For Phase 2, A-iTrust’s will provide construction funding to NSPL and BDPL of S$ 24.76m (INR 1250m) and forward purchase 100% of the shares in BDPL upon obtaining a certificate of occupancy and the completion of the stabilisation period of 15 months. The total estimated purchase consideration for Phase 2 of BlueRidge 3 is $47.94m (INR 2420m), which includes funding provided by a-iTrust. 

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