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Ascendas India Trust to Acquire 7th Warehouse in India

Infra News - Published on Mon, 15 Jul 2019

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Straits Times reported that Ascendas India Trust is planning to finance the construction of an additional warehouse in western India and acquire it upon completion for a total investment of around USD 42.1 million. The warehouse is to be located in the Arshiya Free Trade Warehousing Zone in Panvel near Mumbai in western India, and will have a total leasable area of 325,503 square feet, the trustee-manager of the mainboard-listed business trust said. This proposed transaction comes after a-iTrust had in February 2018 completed the acquisition of six operating warehouses with a total leasable area of 832,249 square feet at the same FTWZ. As these six existing properties are near full occupancy, a-iTrust is proposing the development of a seventh warehouse to meet additional demand from existing and prospective tenants.

The trustee-manager said that it had entered into an agreement for the construction funding and forward purchase of the additional warehouse with a subsidiary of Arshiya Limited. Arshiya is a free-trade warehousing zone developer in India, operating two FTWZs - the one in Panvel and another in Khurja near Delhi.

AIPL, a special purpose vehicle that is a co-developer and a wholly-owned subsidiary of Arshiya, will construct the property. The total consideration is estimated to be INR 2.15 billion, which includes a deferred consideration of some INR 212.3 million as well as the construction funding which is expected to not exceed INR 700 million.

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Posted By : Mohan Sharma on Mon, 15 Jul 2019
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