Office realty: Ascendas to acquire 1.65 mn sq ft in Bengaluru

31 Mar 2021 Editorial Team

The company will provide funding for developing the project as part of the forward purchase arrangement, the company told the media. It will subsequently acquire a net leasable area of up to 1.65 million sq ft in two buildings spread across two land parcels.

During the construction period, Ascendas India Trust's investment in the project's construction will be through debt. Ascendas will provide funding towards the development of the project of about Rs 828 crore.

Upon obtaining the occupancy certificate and fulfilment of other key conditions of the project, a-iTrust will purchase 100% of the shares of the two entities developing the project.

As a result of the acquisition of these two IT buildings, Ascendas India Trust's portfolio size—including pipeline projects, will increase by 7.2%, from 23.2 million sq ft to 24.9 million sq ft.

a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion.

Ascendas India Trust portfolio comprises seven IT business parks and one logistics park in India. It is structured as a business trust, offering stable income distributions similar to a real estate investment trust (REIT).

The company is managed by Ascendas Property Fund Trustee Pte Ltd. The trustee-manager is a wholly-owned subsidiary of Singapore-listed CapitaLand Limited. a-iTrust was listed on the Singapore Exchange Securities Trading Ltd (SGX-ST) in August 2007 as the first Indian property trust in Asia.

We have previously reported, Ascendas’s plans to buy about 1 million sq ft of property in late 2019 at an estimated price of Rs 750 crore from Garden City Realty in north Bengaluru.

Image Source

Also read: Pune, MMR, B’luru top cities for property investment: Report

Also read: More REITs in India to be listed in 2021: JLL

Ascendas India Trust (a-iTrust) has entered into a forward purchase agreement with Garden City Realty Pvt Ltd to acquire two buildings in an IT Park with a total net leasable area of up to 1.65 million sq ft located at Hebbal, a north Bengaluru suburb, at an estimated deal value of Rs 1,441 crore. The company will provide funding for developing the project as part of the forward purchase arrangement, the company told the media. It will subsequently acquire a net leasable area of up to 1.65 million sq ft in two buildings spread across two land parcels. During the construction period, Ascendas India Trust's investment in the project's construction will be through debt. Ascendas will provide funding towards the development of the project of about Rs 828 crore. Upon obtaining the occupancy certificate and fulfilment of other key conditions of the project, a-iTrust will purchase 100% of the shares of the two entities developing the project. As a result of the acquisition of these two IT buildings, Ascendas India Trust's portfolio size—including pipeline projects, will increase by 7.2%, from 23.2 million sq ft to 24.9 million sq ft. a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion. Ascendas India Trust portfolio comprises seven IT business parks and one logistics park in India. It is structured as a business trust, offering stable income distributions similar to a real estate investment trust (REIT). The company is managed by Ascendas Property Fund Trustee Pte Ltd. The trustee-manager is a wholly-owned subsidiary of Singapore-listed CapitaLand Limited. a-iTrust was listed on the Singapore Exchange Securities Trading Ltd (SGX-ST) in August 2007 as the first Indian property trust in Asia. We have previously reported, Ascendas’s plans to buy about 1 million sq ft of property in late 2019 at an estimated price of Rs 750 crore from Garden City Realty in north Bengaluru. Image Source Also read: Pune, MMR, B’luru top cities for property investment: Report Also read: More REITs in India to be listed in 2021: JLL

Infrastructure Urban

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Infrastructure Transport

07 Oct 2025

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Infrastructure Transport

07 Oct 2025

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..