The Hindu Business Line : Ascendas launches Rs 1,315-cr real estate investment fund

According to a press release from Ascendas, the Asendas India Development Trust, constituted in Singapore as a private trust, will invest in integrated development real estate projects and complementary land use for industrial, commercial, residential and retail use.

This offers investors a diversified blend of returns. Ascendas is targeting an asset size of over S$1 billion. The fund has a term of eight years extendable by two more years. It will be managed by Ascendas which will also provide property related services.

Ascendas is a significant co-investor in the fund along with Arcapita, the Bahrain-based alternative asset manager, and ING Private Banking, the Dutch financial institution.

The launch of the trust comes against the backdrop of buoyancy in business factors, and expanding real estate sector driven by strong demand for quality commercial space.

The fund has identified a host of investment opportunities including the International Tech Park, Pune and in Nagpur.

According to the release, Mr Jonathan Yap, CEO, Ascendas India, has taken over as Ascendas CEO, India Funds, and will be based in Singapore. He will manage the India-focussed funds.

Mr Lim Sin Tiow, till recently based in Singapore as Ascendas' Executive Vice-President (New Markets), has taken over as the new CEO of Ascendas India.

Ascendas India portfolio comprises seven IT parks in Bangalore, Chennai, Hyderabad, Pune and Nagpur. Its first development fund launched in June 2005, the S$250-million Ascendas India IT Parks Trust, was seeded by two IT park assets — the International Tech Park Bangalore and The V, Hyderabad. The trust also acquired CyberPearl, Hyderabad, and a partial share in International Tech Park Chennai.

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