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 a 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 entities.
Source: Economic Times