14 June 2019, Singapore – Ascendas Property Fund Trustee Pte. Ltd., the Trustee-Manager of Ascendas India Trust (“a-iTrust”), is pleased to announce that it has entered into a master agreement with Nalanda Shelter Private Limited (“NSPL”) and Brickmix Developers Private Limited (“BDPL”), (collectively are referred to as the “Vendor”) to acquire BlueRidge 3, an IT/ITES special economic zone development with a total net leasable area up to 1.8 million square feet1 located at Hinjewadi, Pune. The Project will be developed in two phases. a-iTrust will also provide project funding as part of the agreement.
About the project
BlueRidge 3 shall be developed over two phases comprising of 2 IT office buildings and a cafeteria block. The project is located in Hinjewadi Phase 1, a well-established IT cluster and is in the close vicinity of BlueRidge 2, an existing asset within the portfolio.
Initially and during the construction period, a-iTrust’s 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 key conditions.
Mr. Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager said, “The proposed acquisition of BlueRidge 3, will strengthen our presence in Hinjewadi, one of Pune’s prominent IT/ITES SEZ micro-markets. BlueRidge 3 is located in close proximity to BlueRidge 2 and would help our tenants to gain economies of scale and cater to their future expansion, while offering their employees a work-live-play environment within BlueRidge township which extends over 138 acres.”
Details of the transaction
Pursuant to the terms of the master agreement, a-iTrust shall provide project funding towards repayment of certain existing liabilities and construction and upon project obtaining occupancy certificate and fulfilment of other key conditions, a-iTrust shall purchase 100% of the shares in NSPL and/or BDPL.
Effect on portfolio
As a result of the acquisition of BlueRidge 3, a-iTrust’s committed portfolio2 size will increase by 7.0% from approximately 20.2 million square feet to approximately 22.0 million square feet.