Ascendas India Trust proposes to fund the balance development of the facility amounting to 1.4 billion rupees ($25.5 million). Upon completion, the trust will subsequently acquire 100% of the asset. The purchase price is expected to be approximately 2.1 billion rupees ($38.3 million).
Ascendas India Trust has entered into a forward purchase agreement with Casa Grande Group to acquire an industrial facility at Mahindra World City, an integrated development located in Chennai, India. The facility comprises a net leasable area of approximately 0.42 million square feet.
The facility is fully pre-leased to Pegatron Technology India, a wholly owned subsidiary of Taiwanese electronics manufacturer Pegatron Corporation.Construction for the facility is ongoing, with expected completion by mid-2021.
