Ascendas India Trust announces first industrial property at Mahindra World City
Ascendas Property Fund Trustee in its capacity as Trustee Manager of Ascendas India Trust ('a-iTrust'), announced that it has entered into definitive agreements for the proposed acquisition of Casa Grande - Phase 1, a 0.42 million sq ft industrial facility at Mahindra World City, Chennai. The definitive agreements for the acquisition have been executed with
Ascendas Property Fund Trustee in its capacity as Trustee Manager of Ascendas India Trust ('a-iTrust'), announced that it has entered into definitive agreements for the proposed acquisition of Casa Grande - Phase 1, a 0.42 million sq ft industrial facility at Mahindra World City, Chennai.
The definitive agreements for the acquisition have been executed with the vendors to acquire all of the issued share capital in CLPPL, which owns Casa Grande - Phase 1, for a consideration of Rs 2,120 million1/S$38.6 million2. The facility is fully leased to a leading international electronics contract manufacturer.
Casa Grande - Phase 1 is the first of the industrial facilities covered in the March 2021 forward purchase agreement with the Vendors. a-iTrust has the option to fund the development of Casa Grande - Phase 2, comprising two industrial facilities with an aggregate net leasable area of approximately 0.31 million sq ft.
Sanjeev Dasgupta, Chief Executive Officer of the Trustee - Manager said, “The acquisition of Casa Grande - Phase 1 marks a-iTrust's first investment in the industrial segment. This is a high-tech asset focused on assembly of cellphone products and components. The property is located at Mahindra World City, a leading industrial township and an established industrial micro market in Chennai. This acquisition validates our diversification strategy in the industrial and logistics segments.”
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