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Situated at the Arshiya Free Trade Warehousing Zone in Panvel, the warehouse features a total leasable area of 325,503 sq ft. It will be acquired by a-iTrust upon completion and leasing, and subsequently leased for six years to a unit of Arshiya.
Ascendas India Trust (a-iTrust) has inked a construction funding and forward purchase agreement with a unit of Arshiya to construct the logistics and supply management service provider’s seventh warehouse for $42.1 million, reported Singapore Business Review.
Situated at the Arshiya Free Trade Warehousing Zone in Panvel, the warehouse features a total leasable area of 325,503 sq ft. It will be acquired by a-iTrust upon completion and leasing, and subsequently leased for six years to a unit of Arshiya.
The deal builds upon the acquisition of a-iTrust of six operating warehouses at Panvel FTWZ, which is a 143-acre site that comes with additional development potential of around 2.8 million sq ft.
The trust has acquired rights to extend construction funding as well as acquire future warehouses to be developed at Panvel FTWZ by the vendor.
“We are seeing increased tenant demand since our initial acquisition of the six operating warehouses at Panvel FTWZ,” said Sanjeev Dasgupta, CEO of a-iTrust.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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