ASCENDAS India Trust (a-iTrust) has signed a term sheet with Arshiya Limited for the proposed acquisition of operating warehouses totalling 832,000 sq ft near Mumbai, India, for up to a total of $116 million.
The consideration for the proposed acquisition of the warehouses at the Arshiya Free Trade Warehousing Zone located at Panvel, near Mumbai, indicatively comprises the upfront payment of $94.3 million and an additional deferred consideration of up to $21.7 million to be paid over the next four years, linked to certain performance milestones. The announcement was made by a-iTrust’s trustee-manager, Ascendas Property Fund Trustee, on Wednesday.
The trustee-manager said it is currently evaluating the indicative commercial terms of the proposed acquisition, and discussions with Arshiya are underway for the finalisation of the definitive agreement.
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