C&W's Dutt to be India CEO of Ascendas-Singbridge

He is currently on notice period in C&W and will relocate to Bengaluru once he moves

Cushman & Wakefield (C&W)’s high-profile managing director Sanjay Dutt is set to join Singapore-based real estate developer-investor Ascendas-Singbridge as chief executive officer of its Indian operations, said a senior executive in the know.

Dutt, an industry veteran of 20 years, is currently serving his notice period at C&W and will join Ascendas after July, the executive said. Dutt would relocate to Bengaluru to take up the new assignment, he added. Dutt will replace Lee Fu Nyap.

“Since Dutt has a vast experience of helping developers invest and buy land and market properties, he thought of taking up the role at Ascendas,” said the executive quoted above.

Dutt did not respond to calls and messages on the subject, while an Ascendas-Singbridge spokesperson declined to comment.

C&W had announced appointment of Anshul Jain as the managing director of India operations.

Ascendas-Singbridge India has nearly 10 million sq ft of assets under management valued at S$1.9 billion. The portfolio includes the International Tech Park Chennai and CyberVale in Chennai; International Tech Park Bangalore; CyberPearl, The V, and aVance Business Hub in Hyderabad; and International Tech Park Pune.

In addition to information technology parks, Ascendas is developing integrated projects with sector-specific special economic zones, commercial, industrial, residential and supporting social amenities in Chennai and Gurgaon.

In 2005, Ascendas launched its first India-focused fund — Ascendas India IT Parks Trust. In 2007, Ascendas added Ascendas India Development Trust, a private real estate fund focusing on integrated property development projects, and Ascendas India Trust, Asia’s first listed Indian property trust. In 2013, Ascendas India Growth Programme was launched in association with Singapore’s sovereign wealth fund GIC.

Dutt has worked with top realty consultants such as Jones Lang LaSall, CBRE and Cushman & Wakefield.

Before joining Cushman, he was chief executive at JLL India. Prior to that, he was at Cushman as joint managing director in his first stint. Dutt left JLL in 2012 to launch his own real estate fund in an equal partnership with Nipun Sahni, former managing director and India head of global commercial real estate firm DSP Merrill Lynch.

Dutt has brokered a number of high-profile property sales in the country such as sale of Cadbury’s property in south Mumbai to a business tycoon, PE firm Xander’s investment of Rs 525 crore in Panchshil Hotel arm, among others.

In May 2015, global property consultancies Cushman & Wakefield and DTZ were merged to create a $100-million entity in India.