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A-iTrust to invest in forward purchase of special economic zone development in Pune
THE trustee-manager of Ascendas India Trust (A-iTrust) said after trading hours on Friday that it will be investing in a forward purchase of BlueRidge 3, a 1.8 million square feet special economic zone development located at Hinjewadi, Pune for a total estimated purchase consideration of about S$194.34 million.
A-iTrust will also provide project funding as part of the agreement with vendors Nalanda Shelter Private Limited (NSPL) and Brickmix Developers Private Limited.
BlueRidge 3 will be developed over two phases comprising two IT office buildings and a cafeteria block. The project is located in Hinjewadi Phase 1, a well-established IT cluster and is in 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.
As a result of the acquisition of BlueRidge 3, A-iTrust's committed portfolio size will increase by 7 per cent from approximately 20.2 million square feet to approximately 22 million square feet.
Sanjeev Dasgupta, CEO of the trustee-manager, said: "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."