| The AIDT, which has a target asset size of $650 million, will invest in integrated development real estate projects in India, including land for industrial, commercial, residential and retail use. In June 2005, Ascendas launched $162 million Ascendas India IT Parks Trust to invest in IT parks in the country, Ascendas said. |
| Jonathan Yap, CEO, India Funds, said, "The launch of AIDT is a reflection of Ascendas' long-term commitment to India. Ascendas aims at expanding the fund by capitalising on the strength of India's real estate sector and by investing in existing development projects and SEZs, as well as additional accretive investments from the deal pipeline. The fund will leverage on Ascendas' core development and asset management skills to achieve optimum performance." |
| The fund has identified a host of investment opportunities and is in the midst of securing more. The recently announced investments in International Tech Park, Pune and International Tech Park, Nagpur will be executed through the AIDT, the company said. |
| Constituted in Singapore as a private trust and denominated in Singapore dollars, the AIDT has a term of eight years, extendable by two years and will be managed by Ascendas. |
| Arcapita, the Bahrain-based alternative asset manager and ING Private Banking, the Dutch financial institution are the other investors in the fund, it said. |
| Ascendas has appointed Jonathan Yap as CEO, India Funds with effect from June 1, 2007. Yap will manage Ascendas' India-focused funds, which include the Ascendas India IT Parks Trust and other India funds in the pipeline. Ascendas' India portfolio comprises seven IT parks in Bangalore, Chennai, Hyderabad, Pune and Nagpur. |
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