Singapore-listed Indian IT parks landlord Ascendas India Trust (SGX:CY6U) has announced a distribution per unit (DPU) of 1.25 Singapore cents for its 2Q FY14/15, representing an increase of 14% as compared to the corresponding period from a year ago.
In INR terms, 2Q FY14/15 revenue and net property income grew by 10% and 16% respectively
to ₹1.6 billion and ₹0.9 billion.
Management for the trust has attributed the quarter’s performance to its committed portfolio occupancy of 97%. Ascendas India Trust currently has a portfolio of five five IT business parks in India, namely the International Tech Park Bangalore, International Tech Park Chennai, and CyberPearl, The V and aVance Business Hub in Hyderabad.
The trust had recently completed a new building, Aviator, within International Tech Park Bangalore and seeing income contribution from the property for the quarter. “Now that Aviator has achieved income stability, we have commenced the construction of a new IT building, named Victor, in International Tech Park Bangalore”, said Sanjeev Dasgupta, CEO for the manager of the trust.
“With a total floor area of 620,000 sq ft, Victor will help us to meet demand from new and existing tenants”, he said, adding that the property is located within the special economic zone and is expected to complete by the first half of 2016.
Ascendas India Trust hinted that it may be seeking financing opportunities to fund the construction of this building. “Its gearing of 22%, as at 30 September 2014, gives the trust additional debt headroom of SGD326 million before reaching its 40% gearing limit. This provides the trust with significant resources to fund its growth via new borrowings”, it said in an official statement.
Units of Ascendas India Trust are currently listed on the Singapore Exchange at SGD0.775.