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Ascendas
launches Rs 1,000 cr IT Parks Fund
To
bring two assets, ITPB & Vanenburg IT Park, into the
fund
Our Bureau / Bangalore June 17, 2005, www.business-standard.com
Leading
business space provider, Ascendas, on Thursday announced
that it is launching Rs 1,000 crore 'Ascendas India IT
Parks Fund' seeded by two of its prime IT park properties.
Ascendas
plans to utilise fund on matured income-generating assets
with development potential and is expected to grow to
Rs 2,000 crore in size over time.
As
part of the fund, Ascendas will inject two choice assets
- the International Tech Park, Bangalore (ITPB), which
it lead-developed, and the Vanenburg IT Park (VITP), which
was acquired recently and is expected to undergo an identity
rebranding, said Chong Siak Ching, president and CEO of
Ascendas.
The
Ascendas fund is constituted in Singapore as a private
trust and is expected to be a part-development and part-yield
play on India's information technology parks (IT parks)
sector, i.e. business parks for the IT & ITeS industry,
which is a high-growth sector in India in view of the
country's role as a major global outsourcing hub.
The
fund has a term of seven years and is managed by Ascendas.
Besides new development projects, Ascendas' other properties
in India will be considered for the fund once they are
deemed ready, said Chong Siak Ching.
The
fund has been privately placed to select institutional
investors around the world. As the sponsor of the fund,
Ascendas holds a 30 per cent interest.
The
remaining 70 per cent has been oversubscribed and taken
up by international investors.
International
investors include General Electric (GE) Commercial Finance
Real Estate, a Rs 1,32,000 crore (S$50 billion) global
real estate investor and an integral part of General Electric
Co.
Chong
Siak Ching further said, "As Asia's leading provider
of business space, Ascendas' business strategy is to seed
property funds with its high quality projects, co-investing
with other reputed partners. The Ascendas India IT Parks
Fund is consistent with this strategy, which also allows
Ascendas to further develop its real estate funds management
business."
"This
is our first private fund since our highly successful
listed trust, the Ascendas Real Estate Investment Trust
(A-REIT), was launched in Singapore two years ago. In
expanding our horizon overseas, we have made a good start
as the confidence shown by investors such as GE Commercial
Finance Real Estate is of particular significance. With
this track record behind us, we hope to seal our reputation
in the area of real estate funds management in Asia,"
she added.
Goh
Kok Huat, the CEO of Ascendas India and chief operating
officer of Ascendas said: "Structured as a trust,
the India IT Parks Fund is an ideal vehicle for sophisticated
investors to invest in real estate, both matured and development
assets, in India's fast-expanding economy. As the manager,
we are committed to delivering attractive yields, stable
income and capital growth to investors."
"From
its initial size of Rs 1,000 crore, we target to double
the fund eventually to some Rs 2,000 crore. There is growth
potential from planned enhancement of existing assets,
leasing of recently completed space and the addition of
properties that meet our investment criteria," Goh
added.
-
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