Ascendas India Trust completes acquisition of Building Q1 in Aurum Q Parc at Navi Mumbai

SINGAPORE - Nov. 22, 2021 - PRLog -- Ascendas Property Fund Trustee Pte. Limited., in its capacity as Trustee-Manager of Ascendas India Trust ("a-iTrust"), is pleased to announce that it has completed the acquisition of Building Q1, a 0.62 million square feet multi-tenanted IT SEZ building, in Aurum Q Parc at Navi Mumbai.

This is pursuant to the forward purchase arrangement with the shareholders of LOMA Co-Developers 1 Private Limited ("LOMA 1", and the shareholders of LOMA 1, the "Vendor") as announced on 14 May 2018. The definitive agreements for the acquisition have been executed with the Vendor to acquire all of the issued share capital in LOMA 1 which owns Building Q1 for a gross consideration of approximately INR 3.53 billion/ SGD 64.1 million. Approximately 54% of Building Q1 has been leased to multinational companies such as Hexaware Technologies Limited and FirstRand Services Private Limited. Despite the COVID-19 pandemic, leasing for Building Q1 is underway and the leasing momentum in Navi Mumbai is expected to recover by 2022. Additionally, deferred consideration is payable to the Vendor for incremental leasing within 12 months from the date of the acquisition.

Mr Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager, said: "The acquisition of Building Q1 will enable a-iTrust to gain an operating presence in the strategic IT corridor of Navi Mumbai. The property is built to high quality specifications and is in close proximity to transport networks and large corporate campuses. We expect the property's occupancy to stabilise by 2023. We will continue to diversify and strengthen our portfolio, while maintaining our firm commitment to deliver sustainable returns to our unitholders."

For full release: https://bit.ly/AITAurumQ1Em