Ascendas buys Aurum Ventures' Navi Mumbai commercial property for Rs.353-Cr

Singapore-based Ascendas Property Fund Trustee has acquired realty developer Aurum Ventures' 16-storey fully-leased commercial tower spread over 6.2 lakh sq ft in Navi Mumbai's Ghansoli locality for INR 353 crore. It has acquired the multi-tenanted tower 'Building Q1' in Aurum Q Parc in its capacity as trustee-manager of Ascendas India Trust. The deal follows a forward purchase agreement Aurum Ventures and Ascendas India Trust had entered into in May 2018. The agreements between the entities have now been executed to acquire all of the issued share capital in Building Q1.