Ascendas Property Fund completes Rs 353-crore building acquisition

By: |
November 24, 2021 8:19 AM

Over half of the building is leased to multinational firms such as Hexaware Technologies and FirstRand Services Private.

Ascendas Property FundAdditionally, deferred consideration is payable to the vendor for incremental leasing within 12 months from the date of the acquisition. (Representational image)

Ascendas Property Fund Trustee Pte, the trustee manager of Ascendas India Trust (a-iTrust), completed the acquisition of a 0.62-million square feet multi-tenanted IT SEZ building, Building Q1, in Aurum Q Parc at Navi Mumbai, for a consideration of `353 crore.

Over half of the building is leased to multinational firms such as Hexaware Technologies and FirstRand Services Private. According to Ascendas, leasing for the building is underway and the leasing momentum in Navi Mumbai is expected to recover by 2022. Additionally, deferred consideration is payable to the vendor for incremental leasing within 12 months from the date of the acquisition.

Building Q1 is the first of the two buildings covered in the May 2018 forward purchase agreement for the development of a 1.4-million square feet IT park campus in Aurum Q Parc.

Sanjeev Dasgupta, CEO of the trustee-manager, said, “The acquisition of Building Q1 will enable a-iTrust to gain an operating presence in the strategic IT corridor of Navi Mumbai.”

 

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