Ascendas India Trust buys Mumbai commercial tower for $47m
Singapore-based Ascendas Property Fund Trustee has acquired real estate developer Aurum Ventures’ 16-story fully leased commercial tower in Ghansoli, a popular suburb of Navi Mumbai, a planned city situated on the west coast of India.
The sales price was $47 million.
The building is the 620,000-square-foot multitenant Building Q1 at Aurum Q Parc.
“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,” said Sanjeev Dasgupta, CEO of the trust’s manager. “We expect the property’s occupancy to stabilize by 2023.”