Singapore-listed Ascendas India Trust said on Friday it has agreed to purchase an IT park in Pune for as much as Rs 981 crore ($140.7 million) that includes project funding and land-related payments.
Ascendas Property Fund Trustee Pte. Ltd, which manages the trust, signed a pact with Nalanda Shelter Pvt. Ltd and Brickmix Developers Pvt. Ltd to acquire BlueRidge 3, an IT/ITeS special economic zone project at Hinjewadi in Pune.
The project will be developed in two phases and will have two office buildings and a cafeteria block. It will have a total net leasable area of up to 1.8 million square feet. The project is located near BlueRidge 2, an existing asset within the portfolio, Ascendas said.
Ascendas Property CEO Sanjeev Dasgupta said the proposed acquisition of BlueRidge 3 will strengthen the company’s presence in Hinjewadi and help its tenants to gain economies of scale and cater to their future expansion.