Ascendas to acquire 1.85 million square feet property from Phoenix

Ascendas to acquire two buildings with a combined leasable area in Hitec City

Ascendas Property Fund Trustee Pte Limited, the trustee-manager of Ascendas India Trust, announced on Tuesday that it has entered into a forward purchase agreement with Phoenix Ventures Private Limited to acquire two buildings with a combined leasable area of around 1.85 million square feet in Hitec City.

The two-stage transaction involves subscription for debentures issued by the co-developer entities of the two buildings amounting to Rs 7.96 billion in the first stage. It will initiate complete acquisition via purchase of 100 per cent of the shares in the co-developer entities once the required leasing criteria is being met in the buildings