Ascendas forms 50:50 JV with IREO

Bangalore: Ascendas India Development Trust (AIDT), the private property development fund spearheaded by Asia’s business space leader Ascendas, has formed a 50:50 joint venture with IREO, a leading foreign investor in Indian real estate.

The joint venture will be developing an integrated project, comprising an IT Special Economic Zone (“IT SEZ”) and mixed-use development in Coimbatore. Spread over 53 acres, the project is a first venture for both Ascendas and IREO in Coimbatore.

The development will be managed by Ascendas.Of the 53 acres, 28 acres will have development potential of more than 3 million sq. ft. of IT SEZ space, which can accommodate over 30,000 IT professionals when fully completed. The remaining 25 acres will be earmarked for residential, commercial and hospitality use.

The project will be executed in four phases taking six to seven years.

For Ascendas, which has developed 265 acres of IT infrastructure in six cities in India, Coimbatore project will be third venture after the landmark International Tech Park Chennai (ITPC) and CyberVale located at Mahindra World City, Chennai, said a company release.

IREO has committed $2 billion of capital to more than 15 development projects, which also includes development of residential, office, retail and hospitality properties in India.

Ms Chong Siak Ching, President & CEO, Ascendas Pte Ltd, said, “Ascendas has forged close ties with Tamil Nadu with two projects in Chennai and we now seek to deepen our presence in the State with the planned offering in Coimbatore.”

Mr Anurag Bhargava, Managing Partner of IREO, said, “Through the success of this project, we look forward to enhancing Coimbatore’s IT landscape by offering world-class facilities.”