Ascendas India Trust [a-iTrust] a Singapore-based business trust established with the principal objective of owning real estate and real estate-related assets used as income producing business space located in India. a-iTrust may acquire, own and develop land for use primarily as business space or acquire other uncompleted developments to be used primarily for business space with the objective of holding the properties upon completion.
We have reliably learnt that the company has four-income producing IT parks located in Bangalore, Chennai and Hyderabad with approximately 3.6m sq ft of completed development. The company has commercial space of 1.1m sq ft under construction at Chennai and Hyderabad and proposes to develop additional 1.3m sq ft in Bangalore and Chennai. In addition, the company also has 24 acres of land (of which 23 acres is part of an SEZ) with development potential of 2.7m sq ft.
a-itrust has more than 85% of its properties occupied by IT and ITeS companies in India. Average asset occupancy at the end of Dec-2007 was 99%.
No comments:
Post a Comment