SINGAPORE (EDGEPROP) - Ascendas India Trust (a-iTrust), one of the REITs managed by CapitaLand, has entered into a forward purchase agreement with Gardencity Realty to acquire two buildings in an IT Park with a total net leasable area of up to 1.65 million sq ft at Hebbal, Bangalore.

The total purchase consideration for the transaction is currently estimated to be INR14.41 billion ($268.2 million). It would also depend on certain factors, including final rentals achieved. a-iTrust will provide funding for the development of the project as part of the forward purchase arrangement.

Read more: Ascendas India Trust to acquire Indian IT building in Hyderabad for $92 mil

Sanjeev Dasgupta, CEO of the trustee-manager of a-iTrust, says that the proposed acquisition will provide an opportunity to establish their presence in one of Bangalore’s upcoming micro-markets for IT and IT enabled services, which is currently witnessing stable demand and rent.