Ascendas to buy space in Bengaluru for Rs 1,441 cr

Ascendas Property Fund Trustee Pte Ltd, the Trustee-Manager of a-iTrust, has entered into a forward purchase agreement with Gardencity Realty Pvt Ltd to acquire two buildings in an IT Park with a total net leasable area of up to 1.65 million sq ft located at Hebbal, Bengaluru. 

a-iTrust will provide funding for the development of the project as part of the forward purchase arrangement, the company said in a statement. 

It will subsequently acquire a net leasable area of up to 1.65 million sq ft in two buildings spread across two land parcels. 

Initially, and during the construction period, a-iTrust’s investment in the construction of the project will be through debt. 

“The proposed acquisition will provide an opportunity to establish our presence in Hebbal, one of Bangalore’s upcoming IT/ITeS micro-markets, which is currently witnessing stable demand and rent,” said Sanjeev Dasgupta, CEO of the Trustee-Manager.