Singapore-listed IT industrial property business trust Ascendas India Trust (a-iTrust) (SGX:CY6U) announced on 29 December that it will be acquiring a 1.5 million square feet IT property in Pune.
The property, BlueRidge Phase II, is a three-building complex located in the Hinjewadi province of Pune. The location is described as a preferred location for IT companies such as TCS, Cognizant and Accenture.
The acquisition price will be determined in accordance with an agreed formula which takes into account the property’s rental, rental escalation and leasing level as at the time of sale. However according to a statement filed with the Singapore Exchange by Ascendas Property Fund Trustee, the acquisition price is not currently expected to exceed INR6,404.6 million (SGD133.0 million).
On acquiring BlueRidge Phase II, a-iTrust’s portfolio of operating space will increase from 7.5 million square feet to 9 million square feet. The development is expected to be completed by the second half of 2015.
Units of a-iTrust finished the trading day by falling 1.25% from its previous close to end at SGD0.79.