Ascendas to acquire 4.2L sq ft space at Mahindra World City

Chennai: Ascendas Property Fund Trustee Pte Limited, in its capacity as Trustee-Manager of Ascendas India Trust (a-iTrust), on Wednesday announced it had entered into a definitive agreement to acquire a 4.2 lakh sq ft industrial facility, developed by Casa Grande in Phase I, at Mahindra World City. Being acquired at 212 crore, it will house Taiwan’s Pegatron, Apple’s second largest contract manufacturer (production operations), multiple sources said.
The Ascendas statement did not name Pegatron, saying the “facility is fully leased to a leading international electronics contract manufacturer”. Pegatron had planned to invest 1,100 crore in the first phase creating 14,000 jobs in its proposed unit to make mobile phones in Mahindra World City, 60km south of Chennai, is targeting to produce Apple products worth 8,000 crore in FY23.
Casa Grande – Phase 1 is the first of the industrial facilities covered in the March 2021 forward purchase agreement with the vendors. The a-iTrust has the option to fund the development of Casa Grande – Phase 2, comprising two industrial facilities with an aggregate net leasable area of approximately 3.1 lakh sq ft, the statement said.
Sanjeev Dasgupta, CEO of the Trustee-Manager, said, “Acquisition of Casa Grande – Phase 1 marks a-iTrust’s first investment in the industrial segment. This is a high-tech asset focused on assembly of cellphone products and components. This validates our diversification strategy in the industrial and logistics segments.”