Ascendas India Trust

Ascendas India Trust investor on tropical cruise

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Ascendas India Trust (SIN: CY6U) is a Real Estate Investment Trust (REIT) which invests only in commercial real estate assets in India, or supporting those assets. It's also known as a-iTrust. It launched its IPO in July 2007.

Ascendas India may acquire, develop, or own land or incomplete business property. It currently has four parks in India, with 4.8 million square feet. It has 1.7 million proposed square feet. And it has land available for development of 2.5 million square feet.

Its manager is Ascendas Property Fund Trustee Pte Ltd. Its property manager is Ascendas Services India Pvt Ltd. Jonathan Yap Neng Tong is the Chief Executive Officer.

And Ascendas India owns Ascendas Property Fund (India) Pte Ltd, a Special Purpose Vehicle (SPV) under Singapore law.

I saw this company listed as an S-REIT, or Real Estate Investment Trust listed in Singapore. I'd already written most of this article when I discovered that it is not a REIT, to avoid the 10% development limitation imposed on S-REITs. However, they have said they will accept the 35% gearing (leverage) limit and will also distribute at least 90% of income to unit holders. They make distributions on a semi-annual basis.

Plus, distributions are free of taxes in Singapore. Apparently that's because a-iTrust has to pay taxes in India.

The Ascendas India Trust Portfolio:

International Tech Park in Bangalore, International Tech Park in Chennai, The V in Hyderabad, and CyberPearl in Hyderabad.

Ascendas India Trust Top 10 Tenants:

Affiliated Computer Services of India Pvt Ltd; Applied Materials India Pvt Ltd; Cognizant Technology Solution (India) Pvt Ltd; General Motors India Pvt Ltd; iNautix Technologies India Pvt Ltd; Invensys Development Center India Pvt Ltd; Merrill Lynch (India) Technology Services; Paprikaas Interactive Services Pvt ltd; Pfizer Pharmaceutical India Pvt Ltd; and ZapApp / First Indian Corporation / First Advantage.

Ascendas India Trust is sponsored and substantially owned by Ascendas Real Estate Investment Trust (A-REIT) which is also listed on the Singapore Stock Exchange.

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