Ascendas to acquire industrial facility in Chennai’s Mahindra World City
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Ascendas Property Fund Trustee Ltd., the trustee-manager of Ascendas India Trust (a-iTrust), has entered into a forward purchase agreement with Casa Grande Group to acquire its first industrial facility located at Mahindra World City, Chennai.
a-iTrust will provide funding for the development of the project as part of the forward purchase arrangement. However, the deal value has not been disclosed. The project is an industrial facility with a net leasable area of approximately 0.42 million square feet. The construction work for this project is ongoing and is expected to be completed by mid-2021.