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Ascendas to acquire IT park in Navi Mumbai for Rs 930 crore

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AscendasSingapore-based investor Ascendas India Trust will buy 1.4 million sq ft in Navi Mumbai for Rs 930 Crores. The two offices, which they are planning to buy are a part of Aurum Platz IT Park, which is a subsidiary of Aurum Ventures, which deals into real estate and mineral exploration.

“Navi Mumbai is attracting major Multinationals and captive technology businesses with its existing robust rail and road infrastructure, the upcoming International Airport, availability of talent pool and quality housing. Aurum Platz IT Park is developing a premium campus having the most technologically advanced buildings in Navi Mumbai. Ascendas transaction will be a game changer for Navi Mumbai micro market,” said Ashish Deora, Founder & Chief Executive Officer, Aurum Ventures.

Aurum Platz IT Park is a 5 million square feet mixed-use development in Navi Mumbai. Located at  on Thane-Belapur Road, a key IT corridor in Mumbai, the park boasts of technologically advanced energy efficient buildings with predictive maintenance, acres of green spaces, exclusive Club, health Spa, Amphitheatre with mountain scape, crèche amongst other amenities. The IT SEZ is attracting rentals around INR 55 per sq ft.

Ascendas India Trust will acquire approximately 30 per cent of the total development potential there.

“The proposed acquisition of the two buildings in AURUM IT SEZ marks our foray into the IT Park business in Navi Mumbai, which is an important market for large multi-national corporations. The properties are strategically located on Thane-Belapur Expressway, a key IT corridor in Mumbai. The property is in close proximity to the Mumbai suburban network train station and in close proximity to campuses of other large Indian corporates. The acquisition will further diversify our portfolio and is expected to contribute positively to the financial performance of the Trust,” said Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager.

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