Bangalore : Ascendas Property Fund Trustee Pte. Ltd., the trustee-manager of Ascendas India Trust (A-iTrust), said on Wednesday that it has entered into definitive agreements for the proposed acquisition of Casa Grande – Phase I, a 0.42 million sq ft industrial facility in Mahindra World City, Chennai.
This is following the onward purchase arrangement with the shareholders of Chengalpattu Logistics Parks Private Limited (CLPPL), which was announced on 5 March 2021. Definitive Agreements for Acquisition have been executed to acquire all issued share capital in CLPPL, which CASA owns. Grande – Phase 1, for the idea of 212 crores.
The facility is fully leased to a leading international electronics contract manufacturer.
Casa Grande – Phase 1 is the first of the industrial facilities included in the Forward Purchase Agreement of March 2021. a-iTrust has the option to fund the development of Casa Grande – Phase 2, consisting of two industrial facilities with a total net leaseable area of approximately 0.31 million square feet.
“The acquisition of Casa Grande – Phase 1 is iTrust’s first investment in the industrial sector. It is a high-tech asset focused on assembling cellphone products and components. The property is located in Mahindra World City, a major industrial township and in Chennai. An established industrial micro-market, Sanjeev Dasgupta, CEO, Trustee-Manager, said, “This acquisition validates our diversification strategy in the industrial and logistics sectors.