Ascendas proposes to acquire an industrial facility at Mahindra World City in Chennai

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CHENNAI: Ascendas Property Fund Trustee Pte Limited, in its capacity as trustee-manager of Ascendas India Trust (a-iTrust), announced on Wednesday that it has entered into definitive agreements for the proposed acquisition of Casa Grande – Phase 1, a project of 0.42 million square foot industrial facility at Mahindra World City in Chennai for Rs 212 crore.
The facility is fully leased to a major international electronics subcontractor.
According to a statement, this follows the forward purchase agreement announced on March 5, 2021. Definitive acquisition agreements have been signed with the sellers to acquire all of the issued share capital of CLPPL, which owns Casa Grande – Phase 1, adds the statement.
Casa Grande – Phase 1 is the first of the industrial facilities covered by the March 2021 forward purchase agreement with the vendors. a-iTrust has the option to finance the development of Casa Grande – Phase 2, comprising two industrial facilities with an aggregate net leasable area of ​​approximately 0.31 million square feet.
Sanjeev Dasgupta, CEO of the Managing Trustee, said: “The acquisition of Casa Grande – Phase 1 marks a-iTrust’s first investment in the industrial segment. It is a high-tech asset focused on the assembly of mobile phone products and components.” This acquisition validates our diversification strategy in the industrial and logistics segments, he added.
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