Ascendas India Trust acquires Building Q1 at Navi Mumbai

A gross consideration of $64.1m was executed. 

Ascendas Property Fund Trustee, trustee-manger of Ascendas India Trust, revealed that the India trust has completed the acquisition of Building Q1.

The property is  0.62 million square feet large and is located in Aurum Q Parc at Navi Mumbai. This is pursuant to the forward purchase agreement with the shareholders of LOMA Co-Developers 1 Private Limited, as announced last 14 May 2018. Agreements for the acquisition include all of the shared issue capital in LOMA 1, which owns Building Q1 for a gross consideration of $64.1m.

Over 54% of Building Q1 has been leased to companies such as Hexaware Technologies Limited and FirstRand Services Private Limited, with the leasing currently underway as well. Deferred consideration is also playable to the vendor for incremental leasing within a year from the date of the acquisition.

The building is the first of two buildings covered in the May 2018 forward purchase agreement with the vendor for the development of 1.4 million square feet IT park campus in Aurum Q parc. Building Q2, meanwhile, is around 0.8 million square feet, for which the occupancy certificate has been obtained. 

“The acquisition of Building Q1 will enable a-iTrust to gain an operating presence in the strategic IT corridor of Navi Mumbai. The property is built to high quality specifications and is in close proximity to transport networks and large corporate campuses. We expect the property’s occupancy to stabilise by 2023. We will continue to diversify and strengthen our portfolio whilst maintaining our firm commitment to deliver sustainable returns to our unitholders,” said Sanjeev Dasgupta, CEO, Ascendas Property Fund Trustee Pte. Limited.