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News >> Technology >>
Ascendas launches S$350M India IT parks fund
By agencies
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Thursday, 16 June 2005, 19:30 IST
SINGAPORE: Singapore industrial property developer Ascendas Pte. Ltd. Thursday said it has launched a S$350 million real estate fund that will invest in business parks catering to India's information technology sector.
Ascendas is injecting two of its assets - the International Tech Park in Bangalore and the Vanenburg IT Park in Hyderabad to help kick start the Ascendas India IT Parks Fund.
The private real estate fund will focus on mature income-producing assets that can be further developed, and is expected to eventually grow to S$800 million in size, the Singapore government-linked developer said.
Ascendas said it holds a 30% interest in the fund, with the remaining 70% interest taken up by international and Singapore-based investors, including General Electric Commercial Finance Real Estate, which is part of General Electric Co. (GE).