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Indian property trust a-iTrust has agreed to acquire BlueRidge Phase II in Pune, India.
Currently under construction, the IT property will comprise three buildings with a built-up area of around 1.5 million sq ft.
Situated in the Hinjewadi area, it is a preferred location for IT companies such as TCS, Cognizant and Accenture.
The sale is not expected to exceed S$133 million and will boost a-iTrust’s portfolio of operating space from 7.5 million sq ft to 9.0 million sq ft.
Sanjeev Dasgupta, CEO of a-iTrust’s manager, said the city of Pune is an important market for its existing and potential clients.
“We expect the transaction to enhance earnings for unitholders,” he added.
The development will likely be completed by the second half of 2015.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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