Ascendas india trust to buy two Navi Mumbai it Parks
Ascendas India Trust has entered into a forward purchase agreement with Aurum Platz IT Park to acquire 1.4 million sq ft spread over two buildings in Navi Mumbai for Rs 930 crores. Aurum Platz IT Park is a subsidiary of Aurum Ventures that has interests in real estate and mineral exploration, the company said in a release. Aurum Platz IT Park is an under construction 5-million-sq ft mixeduse development in Navi Mumbai branded as Q PARC. The IT SEZ located on Thane-belapur Road is attracting monthly rentals around Rs 55 per sq ft. Ascendas India Trust will acquire around 30% of the total development potential in Q PARC on certain leasing milestones, based on a purchase price to be determined in accordance with a pre-agreed formula that factors rent, occupancy and capitalization rates. The 6 lakh sq. ft. will be ready for occupation by second half 2018 and 8 lakh sq. ft. is expected to be completed by early 2020.