Ascendas property fund to raise $100m through private placement

This will fund a business park development in Bangalore.

Ascendas India Trust (a-iTrust) will sell at least 66,313,000 new units in a-iTrust through a private placement, with an issue price set between $1.465 and $1.508 per new unit, to raise gross proceeds of at least $100m, announced the company.

Its trustee-manager will use the gross proceeds of approximately $100m to finance initial developments of a business park in Bangalore. Approximately $98m will be allotted for the financing of the initial upfront funding of Phase 1 of the project worth $144m (INR7.5b). About $2m will be used to pay the estimated fees and expenses.

a-iTrust has entered into a non-binding agreement with a vendor for a potential investment by way of forward purchase of a business park in Bangalore.

Phase 1 of the project with an estimated total net leasable area of 1.7 million sqft will be constructed and acquired within four years from the date of first disbursement. The development of the business park is estimated to be carried out across several phases over approximately 10 years.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit