Ascendas property fund to raise $100m through private placement | / Property news / Ascendas property fund to raise $100m through private placement

Ascendas property fund to raise $100m through private placement

Fresh property news selection on November 19. 2019, Tuesday.

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This will fund a business park development in Bangalore. Ascendas India Trust (a-iTrust) will sell at least 66,313,000 new units in a-iTrust through a private placement, with an issue price set between $1.465 and $1.508 per new unit, to raise gross proceeds of at least $100m, announced the company.

Its trustee-manager will use the gross proceeds of approximately $100m to finance initial developments of a business park in Bangalore. Approximately $98m will be allotted for the financing of the initial upfront funding of Phase 1 of the project worth $144m (INR7.5b). About $2m will be used to pay the estimated fees and expenses.

a-iTrust has entered into a non-binding agreement with a vendor for a potential investment by way of forward purchase of a business park in Bangalore.

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