Ascendas Property Fund Trustee Pte. Limited., the Trustee- Manager of Ascendas India Trust (“a-iTrust”), is pleased to announce that it has entered into definitive agreements for the proposed acquisition of all of the issued share capital of Anomalous Infra Private Limited, which owns a 0.33 million square feet warehouse at the Arshiya Free Trade Warehousing Zone, Panvel, Navi Mumbai.
This is a recently constructed operational warehouse and is being acquired from the Arshiya Group (“Vendor”) as part of the forward purchase agreement executed in July 2019. a-iTrust had acquired six operating warehouses from the Vendor with total leasable area of 0.83 million square feet in February 2018. Similar to these six warehouses, the seventh warehouse will also be leased and operated by a subsidiary of the Vendor for a period of six years. The acquisition of this warehouse is expected to be completed shortly.
The gross acquisition consideration for this seventh warehouse is approximately INR2.15 billion (S$38.7 million2). It comprises an upfront payment of INR1.94 billion (S$34.9 million) and an additional deferred consideration of up to INR0.21 billion (S$3.8 million) to be paid over the next four years, upon achievement of certain performance milestones.
Mr. Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager said, “The acquisition enables a-iTrust to further expand its presence in the logistics sector. Given the unique benefits offered by the FTWZ logistics segment, we are seeing growing demand in this space and this acquisition puts us in a good position to capitalise on this growth.”
