New Ascendas India Growth Programme to invest in business space in multiple Indian cities

GIC is principal investor in the Programme

19 November 2013

1. Leading business space solutions provider Ascendas Pte Ltd (“Ascendas”) has launched the Ascendas India Growth Programme (“the Programme”). Singapore’s sovereign wealth fund GIC Private Limited (“GIC”) is a principal investor in the Programme.

2. The Programme, with a target asset size of S$600 million (approximately ₹30 billion), will invest in real estate in India, focusing on business space. The target investments include business space developments which may have other complementary uses, and pre-stabilised completed business space assets. Target cities include Bangalore, Chennai, Delhi National Capital Region, Hyderabad, Mumbai, and Pune. The Programme will leverage on the projected strong demand for business space in India.

3. Mr Manohar Khiatani, President and CEO of Ascendas, said: “The Programme builds upon our presence in India and offers an opportunity to share our expertise in developing and managing business space in the market. We are happy to have attracted GIC, a globally experienced, long-term investor, as a principal investor.”

4. GIC opened its India office in Mumbai in 2011 as a demonstration of its commitment in the country’s growth potential. The Programme is premised on that same belief and leverages on the attractive opportunities for developing quality office space in India’s real estate sector.

5. 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). With over 20 years of experience in India, Ascendas will also provide quality property management services synonymous with its brand to enhance the standards of the assets.