Ascendas India Trust to buy two Navi Mumbai IT Park buildings for Rs 930 crore
Ascendas India Trust has entered into a forward purchase agreement with Aurum Platz IT Park to acquire 1.4 million sq ft spread over two buildings in Navi Mumbai for Rs 930 crores.
Aurum Platz IT Park is an under construction 5-million-sq ft mixed-use development in Navi Mumbai branded as Q PARC. The IT SEZ located on Thane-Belapur Road is attracting monthly rentals around Rs 55 per sq ft.
“The proposed acquisition of the two buildings in AURUM IT SEZ marks our foray into the IT Park business in Navi Mumbai, which is an important market for large multi-national corporations. The acquisition will further diversify our portfolio and is expected to contribute positively to the financial performance of the Trust,” said Sanjeev Dasgupta, CEO of the Trustee-Manager.
Ascendas India Trust will acquire around 30% of the total development potential in Q PARC on certain leasing milestones, based on a purchase price to be determined in accordance with a pre-agreed formula that factors rent, occupancy and capitalization rates. The 6 lakh sq ft will be ready for occupation by second half 2018 and 8 lakh sq ft is expected to be completed by early 2020, the release added.