Ascendas India Trust has entered into formal agreements for the proposed acquisition of Casa Grande – phase 1, a 0.42-million-sq-ft industrial property at Mahindra World City in Chennai, for Rs 212 crore, through its trustee-manager Ascendas Property Fund Trustee.
This is in accordance with the Chengalpattu Logistics Parks shareholders’ forward purchase agreement, which was disclosed on March 5, 2021.
The definitive agreements for acquiring all of Chengalpattu Logistics Parks’ issued share capital, which owns Casa Grande-phase 1, have been signed.
“The acquisition of Casa Grande-phase 1 marks Ascendas India Trust’s first investment in the industrial segment. This is a high-tech asset focused on assembly of cellphone products and components. The property is located at Mahindra World City, a leading industrial township and an established industrial micro-market in Chennai. This acquisition validates our diversification strategy in the industrial and logistics segments,” said Sanjeev Dasgupta, CEO of Ascendas Property Fund Trustee.
The facility is fully leased to a leading international electronics contract manufacturer.
The first of the industrial facilities covered in the March 2021 forward purchase agreement is Casa Grande-Phase 1. Ascendas has the option to fund the development of Casa Grande-phase 2, which will consist of two industrial buildings with a total net leasable area of about 0.31 million sq ft.