Ascendas India Trust has completed the acquisition of the 620,000 square-foot multi-tenanted Building Q1 at Aurum Q Parc at Navi Mumbai, from Aurum Group for a gross consideration of around 3.53 billion rupees, or around S$64.1 million, the trust said in a filing to SGX Tuesday.
“The acquisition of Building Q1 will enable a-iTrust to gain an operating presence in the strategic IT corridor of Navi Mumbai. The property is built to high quality specifications and is in close proximity to transport networks and large corporate campuses,” Sanjeev Dasgupta, CEO of the trust’s manager, said in the statement. “We expect the property’s occupancy to stabilise by 2023.”
Around 54 percent of Building Q1 has been leased to multinational companies, such as Hexaware Technologies and FirstRand Services, Ascendas India Trust said.
“Despite the Covid-19 pandemic, leasing for Building Q1 is underway and the leasing momentum in Navi Mumbai is expected to recover by 2022,” the trust said.
The acquisition was under a forward purchase agreement with the shareholders of LOMA Co-Developers 1, which was announced in May 2018, the filing said. The second building under that agreement, Building Q2, is around 800,000 square feet, the filing said. Ascendas India Trust also has a right of first refusal on a third building of around 1.1 million square feet.
Aurum Q Parc was previously called AURUM IT SEZ.