Ascendas real estate fund buys Cyber Pearl IT Park in Hyderabad | INRnews
Hyderabad, November 30, 2006 : Ascendas India IT Parks Trust, a $350-million private real estate fund, has purchased L& T Infocity Ascendas Limited (LTIAL) owners of the Cyber Pearl IT Park in Hitec City in Hyderabad. The fund was set up by business space provider Ascendas.
Cyber Pearl offers over 500,000 sq ft of office space.
“In addition to this acquisition, the fund is currently undergoing expansion plans. More than one million sqft of space will be added at ITPB including two built-to-suit facilities and the recently-completed navigator building. A 6-lakh sft building is being constructed at The V in Hyderabad. We are also expanding our portfolio, constructing about 1 million sqft of space in Chennai," said Jonathan Yap, CEO of Ascendas India.
The fund already has investments in the ITPB Tech Park in Bangalore and The V in Hyderabad.
By INRnews Correspondent
“In addition to this acquisition, the fund is currently undergoing expansion plans. More than one million sqft of space will be added at ITPB including two built-to-suit facilities and the recently-completed navigator building. A 6-lakh sft building is being constructed at The V in Hyderabad. We are also expanding our portfolio, constructing about 1 million sqft of space in Chennai," said Jonathan Yap, CEO of Ascendas India.
The fund already has investments in the ITPB Tech Park in Bangalore and The V in Hyderabad.
By INRnews Correspondent
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