Ascendas India Trust Enters Into Arrangements to Acquire Phase 2 of the Arshiya FTWZ in Panvel, Navi Mumbai

Ascendas India Trust (a-iTrust) has entered into formal agreements for the planned purchase of Anomalous Infra, which owns a 0.33 million square foot warehouse in Panvel, Navi Mumbai.

This is a newly built functioning warehouse that is being bought from the Arshiya Group according to the July 2019 forward purchase agreement. a-iTrust bought six functioning warehouses from the Vendor in February 2018 for a total leasable space of 0.83 million square feet. 

As with the other six warehouses, the seventh warehouse will be leased and managed by a Vendor subsidiary for a six-year term. This warehouse purchase is likely to be finished soon.

"The purchase allows a-iTrust to further develop its footprint in the logistics industry," stated Sanjeev Dasgupta, CEO of the Trustee-Manager. Given the distinct advantages afforded by the FTWZ logistics sector, we are witnessing increased demand in this market, and this purchase positions us well to capitalise on this expansion."