Ascendas buys out L&T interest in Cyber Pearl
The Ascendas India IT Parks Trust, a private real estate fund of business space provider Ascendas, has added a third property, Cyber Pearl, through the acquisition of LTIAL (L&T Infocity-Ascendas Ltd), the company that owns Cyber Pearl.
The other two IT park assets in the fund are International Tech Park, Bangalore (ITPB), and The V, in Hyderabad.
Formed in 2002, LTIAL is a 50:50 joint venture between Ascendas and L&T Infocity to develop Cyber Pearl in Hitec City, Hyderabad. Cyber Pearl comprises two buildings totalling 500,000 sq ft of IT space and hosts General Electric, Nipuna, Keane, Microsoft and Sitel among others.
The CEO of Ascendas India, Mr Jonathan Yap, in a statement said, "Cyber Pearl will contribute positively to the fund. In addition to this acquisition, the fund is also currently undergoing expansion plans."
It plans to add more than one million sq ft of space at ITPB, including two built-to-suit facilities and the recently completed navigator building. A building of 600,000 sq ft is being constructed at The V, Hyderabad. "Ascendas is also expanding its portfolio out of the fund, constructing about 1 million sq ft of space in Chennai. We will continue to build on the success of the fund, our first in India, and look out for more opportunities to contribute to India’s relatively new but fast-growing sector of real estate funds," he said.
The Director of L&T Infocity Ltd, Mr K. Venkatesh, described the move to divest as a strategic decision.
Source:
