Ascendas to double business space
May set up additional private funds in India in few years
| Besides, it has indicated the setting up of additional private funds in India in the next few years. |
| Addressing mediapersons, Jonathan Yap, chief executive officer of Ascendas India, said, "We have four million sft of completed space and another two million sft of space is under construction in India. We intend to double the total assets under management to eight million sft in two years." |
| Ascendas currently manages space of 28 million sft in size across the globe. In India, it manages information technology parks in Bangalore, Chennai and Hyderabad. |
| "While our present assets are undergoing expansion, we are scouting for more locations as well," Yap said. |
| Ascendas is also interested in setting up a biotech park in the country and has shortlisted a few cities in this regard. Yap declined to divulge the details. |
| In June 2005, Ascendas launched a private real estate fund called Ascendas India IT Parks Fund seeded by two of its properties "� International Tech Park in Bangalore and The V in Hyderabad. |
| It has a corpus of Rs 1,000 crore, which will be doubled to Rs 2,000 crore in the next 4-5 years. GE and Ascendas hold 40 per cent and 30 per cent stake respectively in the fund, while the remaining is held by institutional investors. |
| "We may launch a few more funds in India in the near future, based on the market needs," Yap said. |