Ascendas Pte Ltd acquired a business park project (above) for an undisclosed price in the Shanghai Zhangjiang Hitech Park in the Pudong district of Shanghai. The business park is now known as “Ascendas Lotus Business Park”. It occupies a GFA of 753,480 sq ft and is easily accessible from the metropolitan area and Shanghai Pudong International Airport by road and rail. Ascendas Lotus Business Park is designed to support the headquarters and offices of the science, software, semiconductor and IT industries.

On a separate note, Ascendas India Trust announced that it had entered into an agreement to acquire CyberVale, an Ascendas IT special economic zone development in Chennai. The purchase price is said to be INR1.62 billion ($35.3 million), with total cost amounting to INR$1.65 million after including fees and other expenses related to the acquisition. 

This article appeared in the City & Country of Issue 665 (Feb 23) of The Edge Singapore.