Ascendas, one of the biggest developers and managers of commercial properties in southeast Asia, is planning to increase the size of its India-focussed $355 million fund Ascendas India Development Trust (AIDT) which will invest in properties in Tier-II cities and expand its presence in bigger cities.
Though the quantum of the rise is not known, the fund has a target asset size of $710 million. The fund was launched in June 2007 and has already invested in realty projects in Gurgaon and Coimbatore.
In April this year, AIDT entered into a joint venture with IREO, a leading foreign investor.
The JV would develop an integrated project, comprising an IT special economic zone and mixed-use development facility in Coimbatore.
The company had entered into another JV with Dr Fresh Healthcare Services for a 62-acre IT SEZ as well as residential and commercial space in Gurgaon.
Ascendas, which has invested $1.05 billion in India so far, is looking to invest in more Tier-II cities such as Chandigarh and Kochi.
"Our strategy in India this far has been in response to market needs. In Asia, we invest in a wider class of business spaces and we intend to progressively invest in those spaces in India, riding on our relevant experiences," Pang Yee Ean, senior vice-president, Ascendas India operations.
The Singapore-based company is also looking to expand in the biotech sector, industrial and special economic zones among others, he said.
Source: Business-standard 25/Aug/2008
