Ascendas-Sinbridge to acquire 1 million sq ft office space in Bengaluru ...

Ascendas-Sinbridge to acquire 1 million sq ft office space in Bengaluru

Singapore's business park specialist Ascendas-Singbridge is in discussions to acquire the rights for one million sqft of upcoming office space from city-based developer GM Infinite in a deal worth just under $100 million, people familiar with the matter said.
Ascendas Singbridge

Ascendas Singbridge, jointly owned by Temasek and JTC Corporation, is eyeing the greenfield office space developments of GM Infinite across various land parcels in Bengaluru’s IT corridors, including Electronic City, sources added.

Ascendas currently manages over 13 million sqft of assets across seven IT parks in Bengaluru, Chennai, Hyderabad, Pune, Gurgaon and Mumbai. Ascendas is the oldest international asset manager of India’s business parks, but is facing increased competition from global investors like Blackstone, Brookfield Asset Management and Qatar Investment Authority.

“In line with its stated growth strategy in India, we continuously explore new investment opportunities. As a practice, we do not comment on market speculation and shall make necessary announcement in case of any development,” Ascendas-Singbridge said in a statement when contacted by TOI.

Ascendas owns Bengaluru’s earliest tech park ITPB in Whitefield.

Two years ago, the Singapore asset manager, which manages more than 4 million sqft of tenanted office buildings in Bengaluru, had signed a deal to acquire up to 2 million sqft of greenfield office to be developed by Citrus Ventures on an 11-acre land parcel in the city’s northern suburb of Hebbal.

info- realty.economictimes