Ascendas India Trust to acquire BlueRidge 3 project

Mural of construction gear in Singapore's Little India neighborhood.Mural of construction gear in Singapore's Little India neighborhood.

Ascendas India Trust entered a deal to acquire BlueRidge 3, an IT/ITES special economic zone development from Nalanda Shelter Private Limited (NSPL) and Brickmix Developers Private Limited (BDPL), the trust said in a filing to SGX Friday.

BlueRidge 3, located at Hinjewadi, Pune, will have a total net leasable area of up to 1.8 million square feet, and will be developed over two phases for two IT buildings and a cafeteria block, the filing said.

“The proposed acquisition of BlueRidge 3, will strengthen our presence in Hinjewadi, one of Pune’s prominent IT/ITES SEZ micro-markets,” Sanjeev Dasgupta, CEO of the trust’s manager, said in the statement.

“BlueRidge 3 is located in close proximity to BlueRidge 2 and would help our tenants to gain economies of scale and cater to their future expansion, while offering their employees a work-live-play environment within BlueRidge township which extends over 138 acres,” he added.

Ascendas India Trust said its investment will be funded via debt during the construction period, with the trust providing project funding.

Once the project receives its occupancy certificate, the trust will acquire all of NSPL and BDPL, the filing said.

The estimated purchase consideration for phase one is 7.39 billion Indian rupees (S$146.4 million) and for phase two, it’s expected to be 1.25 billion rupees (S$47.94 million), the filing said.

After the acquisition is complete, Ascendas India Trust’s committed portfolio size will increase by 7 percent to around 22 million square feet, the filing said.

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