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Ascendas India Trust to buy 1.8-mln-sq-ft BlueRidge IT SEZ phase III in Pune

Ascendas Property Fund Trustee, the trustee-manager of Ascendas India Trust (a-iTrust), has entered into a master agreement with Nalanda Shelter and Brickmix Developers to acquire the project, the trust said in a release.

, ET Bureau|
Jun 14, 2019, 07.04 PM IST
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Property
In 2014, Ascendas Property Fund Trustee had acquired BlueRidge II with super built up of 1.5 million sq ft for Rs 640.5 crore.
Property fund Ascendas India Trust has agreed to buy IT-focused special economic zone BlueRidge phase III with total leasable space of 1.8 million sq ft in Pune’s Hinjewadi area.

Ascendas Property Fund Trustee, the trustee-manager of Ascendas India Trust (a-iTrust), has entered into a master agreement with Nalanda Shelter and Brickmix Developers to acquire the project, the trust said in a release.

Initially and during the construction period, a-iTrust’s investment will be through debt to be used towards repayment of certain existing liabilities and construction. The forward purchase acquisition will be concluded after completion of the project and is subject to receipt of occupancy certificate and other key conditions.

“The proposed acquisition of BlueRidge 3, will strengthen our presence in Hinjewadi, one of Pune’s prominent IT/ITES SEZ micro-markets. BlueRidge 3 is located in close proximity to BlueRidge 2 and would help our tenants to gain economies of scale and cater to their future expansion,” said Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager.

BlueRidge III will be developed over two phases comprising of two IT office buildings and a cafeteria. The project is located in Hinjewadi phase 1, an established IT cluster and is in the close vicinity of BlueRidge 2, an existing asset within the Ascendas India Trust’s portfolio.

In 2014, Ascendas Property Fund Trustee had acquired BlueRidge II with super built up of 1.5 million sq ft for Rs 640.5 crore.

Also Read

Ascendas India Trust inks pact to buy 2 IT park buildings in Hyderabad

Ascendas India Trust to buy two Navi Mumbai IT Park buildings for Rs 930 crore

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