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Ascendas Trust Buys IT Park in Pune for INR 981 Crore

Ascendas Property Fund Trustee manages Ascendas trust and had signed a concord with Nalanda Shelter, as well as aBrickmix Developers, to buy BlueRidge 3, an IT park at Hinjewadi, Pune.
BY BEx Bureau
BusinessEx
Jun 17, 2019

The Singapore-based company, Ascendas Trust has proclaimed that it has decided to buy an IT park in Pune for INR 981 crore which includes land-related payments as well as project funding, according to a media report.

In essence, Ascendas Property Fund Trustee manages Ascendas trust and had signed a concord with Nalanda Shelter, as well as Brickmix Developers, to buy BlueRidge 3, an IT park at Hinjewadi, Pune.

The IT special economic zone project will be constructed in two stages and further, have two office buildings along with a cafeteria block. It has a total area of up to 1.8 million square feet. The project is located near BlueRidge 2, an existing asset within the portfolio, Ascendas told daily news, VC Circle.

The proposed acquisition of BlueRidge 3 will strengthen the companys presence in Hinjewadi and help its tenants to gain economies of scale and cater to their future expansion, CEO of Ascendas, Sanjeev Dasgupta told the daily news, VC Circle.

Ascendas India Trust is primarily a property trust which currently acquires six modern warehouses and seven IT parks in different cities of India namely, Bangalore, Mumbai, Hyderabad, Pune and Chennai. The trust concentrates on funding logistics and IT industries in the country.

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