Ascendas India to buy office building for Rs 750 crore in Bengaluru
Property fund Ascendas India Trust is set to buy an office building of 1 million sq ft for about Rs 750 crore in north Bengaluru, making it one of the major deals this year in the country’s biggest commercial office market, people familiar with the matter said. The trust is the main funding vehicle here of Singapore’s real estate group CapitaLand.
Ascendas India Trust has entered into a forward purchase agreement (FPA) with Hyderabad-based Garden City Realty which owns the 7-acre land parcel on which the office tower is expected to come up. Ascendas will make milestone payments and will own the building upon full payment.