Private Equity

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Ascendas India to acquire 3.30-lakh-sq-ft Navi Mumbai warehouse for Rs.215-Cr

Economic Times  

Singapore-based Ascendas India Trust, through its trustee-manager Ascendas Property Fund Trustee, is to acquire a 3.30 lakh sq-ft warehouse at the Arshiya Free Trade Warehousing Zone at Panvel in Navi Mumbai from Arshiya Group for INR 215 crore. Ascendas will acquire all of the issued share capital of Anomalous Infra that owns the recently constructed operational warehouse. The acquisition is part of the forward purchase agreement executed in July 2019. The gross acquisition consideration of INR 215 crore for this seventh warehouse comprises an upfront payment of INR 194 crore and additional deferred consideration of up to INR 21 crore to be paid over the next four years, upon crossing certain performance milestones. Ascendas India Trust had acquired six operating warehouses from Arshiya Group with a total leasable area of 8.30 lakh sq ft in February 2018. As in the earlier deals, the seventh warehouse will also be leased and operated by a subsidiary of Arshiya Group for a period of six years.