The project comprises three buildings spread across two final rentals with an aggregate net leasable area of approximately 2.26 million square feet.
Ascendas Property Fund Trustee Pte Ltd, the trustee manager of Ascendas India Trust (a-iTrust), on Monday said it has entered into a forward purchase agreement with Gardencity Realty Private Limited to acquire two buildings in an IT Park in Bengaluru.
The two buildings, located at Hebbal in Bengaluru, have a total net leasable area of up to 1.65 million square feet. “The total purchase consideration for the transaction would depend on certain factors, including final rentals achieved, and is currently estimated to be Rs 1,441 crore,” a-iTrust said in a release.
The project comprises three buildings spread across two land parcels, with an aggregate net leasable area of approximately 2.26 million square feet.
“a-iTrust proposes to fund the development of the project and subsequently acquire a net leasable area of up to 1.65 million square feet in two buildings spread across two land parcels,” the release said.
Initially, and during the construction period, a-iTrust’s investment in the construction of the project will be through debt. “The forward purchase acquisition will take place after completion of the construction and is subject to the receipt of the occupancy certificate for the project and other key conditions.”
News Source:- Business Today