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Ascendas acquires Casa Grande industrial facility in Chennai for Rs.212-Cr

Mint  

Ascendas India is to acquire Casa Grande – Phase 1, a 0.42 million sq ft industrial facility at Mahindra World City, Chennai. This follows the forward purchase arrangement with the shareholders of Chengalpattu Logistics Parks Pvt Ltd (CLPPL) that was announced in March 2021. The definitive agreements for the acquisition have been executed to acquire all of the issued share capital in CLPPL, which owns Casa Grande – Phase 1, for INR 212 crore. The facility is fully leased to a leading international electronics contract manufacturer. Ascendas has the option to fund the development of Casa Grande – Phase 2, comprising two industrial facilities with an aggregate net leasable area of approximately 0.31 million sq ft.