By DPA
Singapore : Business park developer Ascendas is set to launch Singapore's first listed Indian real estate trust, according to its preliminary prospectus released Tuesday.
The JTC Corporation subsidiary submitted the prospectus with the Monetary Authority of Singapore for the listing called Ascendas India Trust, which will raise up to 550 million Singapore dollars (over $350 million).
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 launch four projects. These are the International Tech Park Bangalore, International Tech Park Chennai, the V Hyderabad, and CyberPearl Hyderbad.
The trust will have proposed development plans 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.