Ascendas India Trust, through its trustee-manager Ascendas Property Fund Trustee, has entered into definitive agreements for the proposed acquisition of Casa Grande – phase 1, a 0.42-million-sq-ft industrial facility at Mahindra World City, Chennai for Rs 212 crore.
This is pursuant to the forward purchase arrangement with the shareholders of Chengalpattu Logistics Parks, as announced on 5 March 2021. The definitive agreements for the acquisition have been executed to acquire all of the issued share capital in Chengalpattu Logistics Parks that owns Casa Grande-phase 1.
“The acquisition of Casa Grande-phase 1 marks Ascendas India Trust’s first investment in the industrial segment. This is a high-tech asset focused on assembly of cellphone products and components. The property is located at Mahindra World City, a leading industrial township and an established industrial micro-market in Chennai. This acquisition validates our diversification strategy in the industrial and logistics segments,” said Sanjeev Dasgupta, CEO, Ascendas Property Fund Trustee.
The facility is fully leased to a leading international electronics contract manufacturer.
Casa Grande-Phase 1 is the first of the industrial facilities covered in the March 2021 forward purchase agreement. Ascendas has the option to fund the development of Casa Grande-phase 2, comprising two industrial facilities with an aggregate net leasable area of around 0.31 million sq ft.
