It has signed agreement to acquire Casa Grande- Phase I facility at Mahindra World City
It has signed agreement to acquire Casa Grande- Phase I facility at Mahindra World City
Ascendas Property Fund Trustee Pte. Ascendants India Trust (A-iTrust) Ltd., as the trustee-manager, has announced 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 in accordance with the onward purchase arrangement with the shareholders of Chengalpattu Logistics Parks Private Limited (CLPPL, and CLLPL’s shareholders, vendors) announced on 5 March 2021. Acquisition agreements have been executed with vendors to acquire all issued share capital in CLPPL, which owns Casa Grande – Phase I, for a consideration of ₹2,120 million. The facility is fully leased to a leading international electronics contract manufacturer.
Casa Grande – Phase I, is the first of the industrial facilities included in a forward purchase agreement with vendors in March 2021. a-iTrust has the option to fund the development of Casa Grande – Phase II, consisting of two industrial facilities with a total net leaseable area of approximately 0.31 million square feet.
Sanjeev Dasgupta, CEO, Trustee-Manager, said, “The acquisition of Casa Grande – is iTrust’s first investment in the Phase I industrial segment. It is a high-tech asset focused on assembling cellphone products and components.”