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Ascendas to double portfolio to 39 m sq ft

Tuesday, 06 Aug 2019

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Ascendas, a business space solutions provider, is planning to more than double its current portfolio of 17 million sq ft in India to about 39 million sq ft in the next five years.

The bulk of this expected portfolio growth in India in coming years is likely to get housed under its existing Singapore-listed REIT Ascendas India Trust (AIT). AIT already owns 80 percent of Ascendas’ portfolio in India, valued at USD 2.17 billion (USD three billion).

The current Ascendas’ portfolio of 17 million sq ft in India -- split between office space and warehousing is spread over six cities -- Bengaluru, Chennai, Hyderabad, Pune, Mumbai and Gurugram.

Besides the India-focussed REIT (AIT), Ascendas has two private funds (one in partnership with GIC Singapore for development of IT parks, and the second with Temasek for logistics). It also uses funds out of its own balance sheet.