In one of the big deals in the real estate sector in the country, the Singapore-based Ascendas Trust through its Indian subsidiary has acquired 2 million sq. ft of office space from Phoenix Group.
The deal valued at about $110 million (now about Rs 600 crore), was concluded some time ago, but was disclosed today by its consultant Jones Lang Lasalle.
This is another big deal in the real estate sector in the backdrop of concerns expressed on foreign investments slowing down lately due to policy concerns.
IDFC had concluded a buy out deal of a special economic zone for Rs 450 crore in Pune recently.
Mixed use projects
The Hyderabad-based Phoenix Group is working on several mixed use projects in Hyderabad and other cities.
This project where Ascendas Trust has invested is located in the IT hub of Gachibowli close to ISB, Infosys, Microsoft, Wipro and other companies.
Anuj Puri, Chairman and Country Manager, Jones Lang Lasalle, said: “It is this type of deals investors from within the country and outside are looking to make. This is because they do not want to have hurdles in projects where they invest.”
Both these projects show that they have invested in ventures which are ready and had begun to make money, he said.
Dutch deal
This is another major deal for Ascendas Group of Singapore. It had earlier purchased IT infrastructure created by the Dutch company Vanenberg Group.
It has also developed a major IT park in the Hitec City area of the city.
The real estate consultancy Jones Lang Lasalle has facilitated both these transactions.