Ascendas India Trust (a-iTrust)

Ascendas India Trust to build and acquire warehouse in Panvel for $42.1 mil

SINGAPORE (July 11): The trustee-manager of Ascendas India Trust (a-iTrust) has entered into a construction funding and forward purchase agreement with a subsidiary of Arshiya, to develop an additional warehouse at the Arshiya Free Trade Warehousing Zone (FTWZ) in Panvel.

The warehouse has a total leasable area of 325,503 sq ft and will be acquired by a-iTrust upon completion and leasing.

Ascendas India Trust kept at 'buy' by DBS on modern warehouse expansion

SINGAPORE (May 3): DBS Group Research is maintaining its “buy” call on Ascendas India Trust (a-iTrust) given its expansion into modern warehouses

DBS says the expansion warrants a premium not only from the boost to a-iTrust’s near-term DPU outlook but more importantly, the ability to accelerate medium-term earnings growth.

“Compared to consensus, we have a higher target price of $1.40, pegged at a 10% premium to a-iTrust’s adjusted NAV per unit of $1.31,” says lead analyst Mervin Song.

Ascendas India Trust acquiring two warehouses in Uttar Pradesh

SINGAPORE (Feb 11): The trustee-manager of Ascendas India Trust (a-iTrust) is acquiring two warehouses in a logistics park at Khurja, Uttar Pradesh.

These are a 190,000sf facility in the Free Trade Warehousing Zone (FTWZ) of a logistics park developed by seller Arshiya and a 120,000sf warehouse located in the Domestic Tariff Area (DTA).

Ascendas Property Fund Trustee said the park is well connected to Greater Noida, about 48 km away, and caters to the major consumption market of the National Capital Region.

Ascendas India Trust kept at 'buy' amid continued DPU growth

SINGAPORE (Jan 25): Jefferies is keeping its “buy” call on Ascendas India Trust (a-iTrust) with a target price of $1.20 amid continued distribution per unit (DPU) growth.

This comes after a-iTrust on Thursday declared DPU of 2.05 cents for the 3Q18/19 ended December, 25% higher than a year ago, despite an enlarged equity base.

See: Ascendas India Trust posts 25% growth in 3Q DPU to 2.05 cents

Ascendas India Trust posts 25% growth in 3Q DPU to 2.05 cents

SINGAPORE (Jan 24): The trustee-manager of Ascendas India Trust (a-iTrust) has declared distribution per unit (DPU) of 2.05 cents for the 3Q18/19 ended December, 25% higher than a year ago.

The increase came despite an enlarged equity base of 97.4 million units through the private placement in February 2018.

Income available for distribution for 3Q18/19 increased by 39% in SGD terms to $23.6 million, mainly due to increased net property income and higher interest income from investments.

Ascendas India Trust kept at 'buy' with $1.25 by DBS on growth plans

SINGAPORE (Oct 25): DBS Group Research is maintaining Ascendas India Trust (a-iTrust) at “buy” with $1.25 target based on three reasons: New growth engine, acquisitions and untapped landbank.

In a Thursday report, lead analyst Mervin Song says the acquisition of modern warehouses last year and the recently announced redevelopments and acquisitions are expected to translate into a 61% rise in floor area which could support three-year DPU CAGR of 13%.

“This is three to four times faster than the average for the S-REIT sector,” says Song.

Ascendas India Trust reports 32% growth in DPU to 1.98 cents for 2Q19

SINGAPORE (Oct 24): The trustee-manager of Ascendas India Trust (a-iTrust) has declared a 2Q19 DPU of 1.98 cents, 32% higher than a year ago despite the depreciating Indian Rupee.

The higher DPU was mainly due to incremental income contributions from the acquisitions of BlueRidge 2 and Arshiya warehouses, the Atria building, higher interest income from investments in AURUM IT SEZ, aVance 5 & 6 and aVance A1 & A2 via construction funding and positive rental reversions, along with a one-off gain from the scrap sale of the Dedicated Power Plant at ITPB.

Ascendas India Trust investing in two buildings in Hyderabad business hub

SINGAPORE (July 31): The trustee-manager of Ascendas India Trust (a-iTrust) has entered into a forward purchase agreement with vendor Phoenix Ventures to acquire two buildings, aVance A1 & A2, in aVance Business Hub 2, in HITEC City, Hyderabad.

As part of the agreement, Ascendas Property Fund Trustee says a-iTrust will provide construction funding to the co-developer entities of the two buildings which have a combined leasable area of 1.85 million sf.

Ascendas India Trust off to a good start in FY19 with 1Q DPU up 23%

SINGAPORE (July 26): Ascendas India Trust (a-iTrust) is off to a good start in FY19, with 1Q19 DPU jumping 23% y-o-y to 1.60 cents which was in line with expectations.

1Q19 DPU would have been stronger if not for the depreciation of the INR versus SGD with 1Q19 DPU in INR terms increasing by 33% y-o-y.

The strong results were largely due to the impact of positive rental reversions in prior quarters as well as contribution from investments and acquisitions made over the past year.

Ascendas India Trust deepens presence in Hyderabad with more acquisitions

SINGAPORE (May 21): Ascendas India Trust is deepening its presence in Hyderabad through the acquisition of two buildings in aVance Business Hub as well as five future buildings in aVance Business Hub 2.

The trustee-manager of Ascendas India Trust (a-iTrust) has entered into a forward purchase agreement with Phoenix Infocity to acquire two buildings, aVance 5 & 6, with a combined leasable area of 1.8 million square feet, in aVance Business Hub, located in HITEC City, Hyderabad.

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