Singapore office and industrial parks landlord Ascendas is in talks with potential private equity investors to raise a combined $1 bn for two private-equity funds it is setting up for its expansion in India and China. The initial size of the India investment fund, which will focus on developing land into industrial parks, will be $500 mn. Ascendas has assets valued at $640 mn in its India properties representing about 3.6 mn square feet. Ascendas already manages an office real estate investment fund in India fund that invests in information technology (IT) parks. General Electric (GE) Commercial Finance Real Estate, a unit of conglomerate GE, is one of the investors in the India fund. Ascendas is in talks with banks for a Singapore listing of the first India fund.
Article in The Business Times, Singapore.
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