Ascendas India Trust plans to acquire warehouses near Mumbai for up to S$116m

ASCENDAS India Trust (a-iTrust) has signed a term sheet with Arshiya Limited for the proposed acquisition of operating warehouses totalling 832,000 sq ft near Mumbai, India, for up to a total of S$116 million.

The consideration for the proposed acquisition of the warehouses at the Arshiya Free Trade Warehousing Zone located at Panvel, near Mumbai, indicatively comprises the upfront payment of S$94.3 million and an additional deferred consideration of up to S$21.7 million to be paid over the next four years, linked to certain performance milestones. The announcement was made by a-iTrust's trustee-manager, Ascendas Property Fund Trustee, on Wednesday.

The trustee-manager said it is currently evaluating the indicative commercial terms of the proposed acquisition, and discussions with Arshiya are underway for the finalisation of the definitive agreement.

The counter fell 0.5 Singapore cent or 0.5 per cent to finish at S$1.105 on Wednesday.