Property fund Ascendas India Trust has agreed to buy Pune based IT SEZ Blue Ridge, phase -II for Rs 640 crore. The SEZ is under construction and being developed by Pune based developer Paranjape Schemes (Construction) through its SPV 'Flagship Developers Private Limited' (FDPL).
"The Acquisition would help Ascendas India Trust (a-iTrust) to scale up operations to 9.0 million sq ft. It would also mark a-iTrust's entry into Pune, an important market for its existing and potential clients. We expect the transaction to enhance earnings for unit holders," said Sanjeev Dasgupta, CEO Trustee-Manager, Ascenads India Trust.
This second phase of SEZ would involve development of about 1.5 million square feet and shall come up at the Blue Ridge Township in Hinjewadi being set up by Paranjape Schemes.
The township involves 138 acres of development comprising of SEZ, school, residential, retail and sporting facilities.
Initially, Ascendas will infuse via listed Non-Convertible Debentures an amount of Rs 260 crore in the above mentioned second phase of SEZ.
The buildings of this phase are in the advanced stages of construction and are expected to be operational over the course of the year 2015.
Paranjape Schemes, via FDPL, will complete the construction of the project, lease it and shall manage it till December 2016. Subsequent to which Ascendas Property Fund Trustee, the trustee-manager of Ascendas India Trust (a-iTrust) will buy 100 per cent shares of FDPL.
Currently, FDPL is in the process of finalizing leasing of the space and has already received commitments for almost 1 million square feet from various companies.
The phase- I of this SEZ which is about 1.4 million square feet is already operational and has tenants such as Accenture, Cisco, L&T Infotech and Tata Technologies.
The phase 1 SEZ developer company Neopro Technology Private Limited (A Paranjape Schemes SPV) was divested to IDFC for about Rs 450 crore in the financial year 2013-14.
