Singapore-based commercial space developer Ascendas Pte Ltd has launched the Ascendas India Growth Programme, targeting an asset size of over Rs 3,000 crore (S$600 million) to invest in commercial space in major Indian cities, according to a press release from the company.
Singapore’s sovereign wealth fund GIC Private Ltd is a principal investor in the programme.
The target investments include business space developments, which may have other complementary uses and completed business space assets in Bangalore, Chennai, Delhi-National Capital Region, Hyderabad, Mumbai and Pune. The release quoting Manohar Khiatani, President and CEO, Ascendas, said it offers an opportunity to share Ascendas’ expertise in developing and managing business space in the market.
The programme complements Ascendas’ existing funds for India, such as Ascendas India Trust (a-iTrust, a Singapore Stock Exchange listed business trust) and Ascendas India Development Trust (a fully-invested private equity fund). Ascendas will also provide quality property management services to enhance the standards of the assets, the release said.