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Ascendas India Trust to buy IT-SEZ project in Pune

Monday, 17 Jun 2019
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Ascendas India Trust (a-iTrust) will acquire an upcoming IT-SEZ project in Pune, Maharashtra. With this the company’s total portfolio will increase to 22 million sq ft.

The company has entered into a master agreement with Nalanda Shelter (NSPL) and Brickmix Developers (BDPL) to acquire BlueRidge 3, an IT/ITES special economic zone development with a total net leasable area up to 1.8 million sq ft.

The project will be developed in two phases. As part of the agreement the company will also provide project funding.

Initially and during the construction period the investment will be through debt to be used towards repayment of certain existing liabilities and construction.

The forward purchase acquisition will be after completion of the project and is subject to receipt of occupancy certificate and other conditions.

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