Developer to launch Indian real estate trust in Singapore

Singapore - Business park developer Ascendas is set to launch Singapore's first listed Indian real estate trust, its preliminary prospectus said on Tuesday. The JTC Corporation subsidiary lodged the prospectus with the Monetary Authority of Singapore for the listing called Ascendas India Trust which will raise raise up to 550 million Singapore dollars (357 million US dollars). The Singapore-based trust, which currently holds 100 acres of land in Pune and Nagpur, intends to own income-producing real estate used primarily as business space in India. Ascendas, the sponsor for the trust, will initially inject four properties into it. These are the International Tech Park Bangalore, International Tech Park Chennai, the V Hyderabad, and CyberPearl Hyderbad. The trust will have proposed developments totalling 1.5 million square feet of space, the prospectus said. Ascendas launched the Ascendas India Development Trust last month to invest in integrated real estate projects in India. © 2007 dpa - Deutsche Presse-Agentur

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