Ascendas India Trust has entered a forward purchase agreement with the Indian developer, Gardencity Realty Private, to acquire three buildings, two completed and a third yet to be constructed, in an IT Park in Bangalore for INR14.41bn (€168.5m).
Ascendas India Trust will also provide INR8.28bn funding for the development of the project. On completion, the three buildings will spread across two land parcels, with an aggregate net leasable area of approximately 2.26m sqft.
Sanjeev Dasgupta, CEO of Ascendas India Trust Management, said the proposed acquisition would provide an opportunity to establish a presence in Hebbal, one of Bangalore’s upcoming IT/ITES (high tech) micro-markets.
Dasgupta said the market was currently witnessing stable demand and rentals, and that it would benefit from improving connectivity and infrastructure near the development.
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