Ascendas India trust, part of the Ascendas-Singbridge Group has completed the acquisition of six warehouses in Panvel near Mumbai with logistics and supply chain company, Arshiya through a sale and leaseback agreement for an estimated Rs 534 crores (around $84m), as reported by The Economic Times. As per the filing with the BSE, Ascendas have acquired long-term leasehold rights in the warehouses from Arshiya and lease back under an operating lease arrangement to Arshiya Lifestyle, a wholly owned subsidiary of the Arshiya Group, in consideration of pre-agreed rentals.

AZB & Partners advised Ascendas Property Fund Trustee in the transaction and was led by partners Sai Krishna Bharathan and Ananya Sharma accompanied by associates Urmika Tripathi and associate Khushboo Sukhwani.

Trilegal acted for Arshiya., led by partner Ashwyn Misra, counsel Majid Afsar Siddiqi, senior associate Jeet Chaudhuri and associate Swapnil Phadnis.

Part of the Singapore-headquartered Ascendas-Singbridge Group, Asia’s leading sustainable urban and business space solutions provider, Ascendas is focused on providing urban and business space solutions. According to the press release by Ascendas,the warehouses are part of a Free Trade Warehousing Zone spread over 146 acres of freehold land and the current acquisition is expected to help them to diversify their asset portfolio in the high growth logistics sector in India while helping Arshiya achieve the objective of implementing an asset light model going forward.

2017-11-27