Ascendas India Trust buys first industrial property at Mahindra World City, Chennai
Ascendas India Trust (a-iTrust) has entered into definitive agreements for the proposed acquisition of Casa Grande – Phase 1, a 420,000-square-foot industrial facility at Mahindra World City, Chennai, Tamil Nadu, India’s first integrated business city.
This is pursuant to the forward-purchase arrangement with the shareholders of Chengalpattu Logistics Parks Private Limited (CLPPL, and the shareholders of CLLPL, the vendors), as announced on March 5, 2021. The definitive agreements for the acquisition have been executed with the vendors to acquire all of the issued share capital in CLPPL, which owns Casa Grande – Phase 1, for a consideration of ($20.62 million). The facility is fully leased to a leading international electronics contract manufacturer.
Casa Grande – Phase 1 is the first of the industrial facilities covered in the March 2021 forward-purchase agreement with the vendors. a-iTrust has the option to fund the development of Casa Grande – Phase 2, com