Ascendas in talks with L&T Realty to buy planned office assets - ET RealEstate

Abstract

Singapore-based Ascendas India Trust is in advanced talks with L&T Realty for a forward purchase agreement to acquire its real estate development arm's portfolio of proposed commercial properties, said two people with direct knowledge of the development. The portfolio includes total commercial real estate development potential of over 5 million sq ft across Bengaluru, Chennai and Mumbai. As the projects are still in the planning stage, the deal is estimated to be worth over ₹2,500 crore based on the current property prices. Under the forward purchase agreement, Ascendas is looking to acquire the ownership of these properties in advance, and L&T will execute the projects and transfer them to the trust based on a schedule inked between both the entities. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube.