Ascendas buys 6 warehouses from Arshiya for Rs 534 cr

Singapore-based property developer the Ascendas-Singbridge group has bought six warehouses from Mumbai-based logistics company Arshiya, for Rs 534 crore.

Ascendas-Singbridge would make the payment in two tranches: First, Rs 434 crore on signing the definitive agreement; the remaining over four years, on achieving certain targets, the company told the exchanges on Wednesday.

Arshiya has signed a binding term-sheet with Ascendas Property Fund Trustee, which manages Ascendas India Trust.

The six warehouses Ascendas will acquire would have a total space of 832,000 sq ft. These are located at the Free Trade and Warehousing Zone at Panvel, near Mumbai. All the warehouses