Singapore's Ascendas-Singbridge, a company known for its ability to develop world-class business parks, is in talks involving acquisition of the rights for one mln sqft of upcoming office space from city-based developer GM Infinite in a deal worth just under $100 million.
Jointly owned by Temasek and JTC Corporation, Ascendas Singbridge is eyeing the greenfield office space developments of GM Infinite across various land parcels in Bengaluru's IT corridors, including Electronic City.
Ascendas is currently looking after more than 13 mln sqft of assets across seven IT parks in Bengaluru, Chennai, Hyderabad, Pune, Gurgaon and Mumbai. Ascendas is the oldest international asset manager of India's business parks, but is facing increased competition from global investors like Blackstone, Brookfield Asset Management and Qatar Investment Authority.
"In line with its stated growth strategy in India, we continuously explore new investment opportunities. As a practice, we do not comment on market speculation and shall make necessary announcement in case of any development," Ascendas-Singbridge said in a statement.
Ascendas owns Bengaluru's earliest tech park ITPB in Whitefield.
Two years ago, the Singapore asset manager, which manages more than 4 mln sqft of tenanted office buildings in Bengaluru, had signed a deal to acquire up to 2 mln sqft of greenfield office to be developed by Citrus Ventures on an 11-acre land parcel in the city's northern suburb of Hebbal.