Ascendas India acquires Cyber Pearl

The Ascendas India IT Parks Trust, a $350-million private real estate fund set up by Asia's leading business space provider Ascendas, has acquired LTIAL (L&T Infocity-Ascendas Limited), the company that owns Cyber Pearl in Hyderabad.

This is the third IT park asset in the fund, with the other two being the International Tech Park, Bangalore (ITPB) and The V in Hyderabad.

LTIAL was formed in 2002 as a 50:50 joint venture between Ascendas and L&T Infocity to spearhead the development of Cyber Pearl at Hitec City in Hyderabad.

Cyber Pearl comprises two buildings totalling 5 lakh sqft of completed high-end IT space, and an estimated 5,000 employees, who work with companies including General Electric, Nipuna, Keane, Microsoft and Sitel.

"In addition to this acquisition, the fund is currently undergoing expansion plans. More than one million sqft of space will be added at ITPB including two built-to-suit facilities and the recently-completed navigator building. A 6-lakh sft building is being constructed at The V in Hyderabad. We are also expanding our portfolio, constructing about 1 million sqft of space in Chennai," Jonathan Yap, chief executive officer of Ascendas India, stated in a press release on Tuesday.

"We would also like to offer our Cyber Pearl clients our present Asian platform of 29 million sqft of business space for consideration if they have space requirements in other parts of India or Asia," he added.