Ascendas India Trust to acquire industrial project in Chennai

Ascendas Property Fund Trustee Pte Ltd, the trustee-manager of a-iTrust said it has entered into a “forward purchase agreement” with Casa Grande group to acquire its first industrial facility located at Mahindra World City, Chennai.

a-iTrust will also provide funding for the development of the project as part of the forward purchase arrangement, a company statement said, but did not disclose the deal value. The project is an industrial facility with a net leasable area of about 0.42 mn square feet. 

The construction work is expected to complete by mid-2021. It is fully preleased to Pegatron Technology India, a wholly-owned subsidiary of Pegatron Corporation, a Taiwanese contract electronics manufacturer. a-iTrust would fund the balance development of the project.