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Ascendas India Trust's Q3 DPU jumps 17%

SINGAPORE-LISTED Ascendas India Trust (a-iTrust) posted a 17 per cent rise in distribution per unit (DPU) to 1.36 Singapore cents for the third quarter ended Dec 31, 2015, from a year ago, led by both accretive acquisitions and organic growth.

This included the acquisitions of two properties - CyberVale and aVance Building 3 - last year, which added over 1.2 million square feet of floor area to the portfolio, said Sanjeev Dasgupta, chief executive officer of the trust-manager.

He added that on the back of a "positive demand scenario", rents and occupancy levels continue to improve compared to the last financial year.

As a result, revenue over the period rose 15 per cent to 1.75 billion rupees (S$37 million). Lower utilities expenses also led to a 3 per cent drop in property expenses for a-iTrust.

Steady topline growth coupled with lower expenses resulted in a 28 per cent increase in net property income to 1.16 billion rupees.

During the quarter, the Singapore dollar depreciated by 2 per cent against the rupee compared to a year ago.

a-iTrust units closed unchanged at 71 Singapore cents on Thursday.