ASCENDAS INDIA TRUST
US Non-deal Roadshow 2 - 6 March 2020
Disclaimer
This presentation on a-iTrust's results for the 9-month period ended and quarter ended 31 December 2019 ("FY2019" & "3Q FY2019") should be read in conjunction with a-iTrust's quarterly results announcement, a copy of which is available on www.sgx.comor www.a-iTrust.com.
This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training, property operating expenses), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business.
You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither Ascendas Property Fund Trustee Pte. Ltd. ("Trustee- Manager") nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation.
The past performance of Ascendas India Trust ("a-iTrust") is not indicative of future performance. The listing of the units in a-iTrust ("Units") on the Singapore Exchange Securities Trading Limited (the "SGX-ST") does not guarantee a liquid market for the Units. The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Trustee-Manager. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Trustee-Manager redeem or purchase their Units while the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST.
This presentation for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units.
All measurements of floor area are defined herein as "Super Built-up Area" or "SBA", which is the sum of the floor area enclosed within the walls, the area occupied by the walls, and the common areas such as the lobbies, lift shafts, toilets and staircases of that property, and in respect of which rent is payable.
The Indian Rupee and Singapore Dollar are defined herein as "INR/₹" and "SGD/S$" respectively.
Any discrepancy between individual amounts and total shown in this presentation is due to rounding. | 2 |
Overview
International Tech Park Bangalore
Introduction to a-iTrust
Our presence
13.1 million sq ft of completed floor area
Mumbai
6%
Pune
12%Bangalore
34%
Mumbai | Chennai | |||||||||||||
(Panvel) | ||||||||||||||
Pune | 22% | |||||||||||||
• | Arshiya | |||||||||||||
• | aVance Pune | |||||||||||||
warehouses | ||||||||||||||
Bangalore | Hyderabad | |||||||||||||
• | International Tech | • | International Tech Park | |||||||||||
Park Bangalore | Hyderabad | 1 | 7.7 million sq ft2 | |||||||||||
• | CyberPearl | of potential floor | ||||||||||||
Chennai | • | aVance Hyderabad1 | ||||||||||||
area | ||||||||||||||
• | International Tech | |||||||||||||
Park Chennai | ||||||||||||||
• | CyberVale |
Hyderabad
46%
- International Tech Park Hyderabad was previously known as The V.
- Includes buildings under construction and increase in development potential of 1.1 million sq ft in ITPB.
Hyderabad
26%
Chennai
5%
Bangalore
49%
4
World class IT parks and warehouses
Our products
Modern IT Parks built to international specifications & standards.
Award winning properties
- ITPC: 2018 CNBC-AWAAZ Real Estate Awards Winner, "Best Commercial Project"
- ITPC: 2013 FIABCI Prix d'Excellence Award Gold Winner, Industrial Category
- ITPB: 2012 FIABCI Prix d'Excellence Award Gold Winner, Industrial Category
Arshiya warehouses
Modern warehouses with state of the art technology.
Grade-A specifications
- Up to G+6 racked structure
- 13 metres ceiling height
- M35 grade super flat floor
- Advanced fire detection system and security services
5
Key safeguarding provisions
Our structure
a-iTrust is a business trust that has voluntarily adopted the following SREIT restrictions:
Permissible investment | Adheres to Property Fund Appendix's definition of allowable investments |
Investment restriction | Invests at least 75% of the Trust property in income-producing real estate |
Development limit | 20% of Trust property |
Distributable income | Minimum 90% to be distributed |
Tax-exempt distributions | Distributions exempt from Singapore tax |
Gearing limit | 45% |
6
CapitaLand Limited
Our sponsor
- CapitaLand is one of Asia's largest diversified real estate groups, with assets under management of S$131.9 billion as at 31 December 2019.
- CapitaLand's portfolio spans across commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential.
- It manages seven listed REITs and business trusts, as well as over 20 private funds.
- CapitaLand has presence across more than 200 cities in over 30 countries, including Singapore, China, India, Vietnam, Australia, Europe and the USA.
Capital Tower, Singapore
7
3Q FY2019 results
3Q FY2019 | 3Q FY18/19 | Variance | ||||
SGD/INR FX rate1 | 51.5 | 52.5 | (1.9%) | |||
Total property income | ₹2,653m | ₹2,361m | 12% | |||
S$51.5m | S$44.9m | 15% | ||||
Net property income | ₹1,886m | ₹1,779m | 6% | |||
S$36.6m | S$33.9m | 8% | ||||
Income available for distribution | ₹1,306m | ₹1,239m | 5% | |||
S$25.4m | S$23.6m | 7% | ||||
Income to be distributed | ₹1,176m | ₹1,115m | 5% | |||
S$22.8m | S$21.2m | 7% | ||||
Income to be distributed (DPU2) | ₹1.09 | ₹1.07 | 2% | |||
2.12¢ | 2.05¢ | 4% | ||||
Weighted average number of units | 1,080,314 | 1,037,821 | 4% | |||
('000) | ||||||
- Average exchange rate for the period.
- Distribution per unit.
- Income from Anchor building at ITPB;
- higher income from aVance Pune; and
- positive rental reversions.
- Increase due to higher total property income; and
- partially offset by higher operational and maintenance expenses.
- Mainly due to net property income growth and interest income from investments in Arshiya, AURUM IT SEZ, aVance 5 & 6, aVance A1 & A2 and BlueRidge 3; and
- partially offset by higher tax expense compared to 3Q FY18/19 which was lower due to one-off tax benefit arising from the merger of the legal entities of ITPH and aVance Pune.
- After retaining 10% of income available for distribution.
8
FY2019 vs YTD FY18/19 results
FY20191 | YTD FY18/191 | Variance | ||||
SGD/INR FX rate2 | 51.4 | 51.3 | 0.2% | |||
Total property income | ₹7,728m | ₹6,930m | 12% | |||
S$150.3m | S$134.7m | 12% | ||||
Net property income | ₹5,827m | ₹5,159m | 13% | |||
S$113.4m | S$100.4m | 13%4 | ||||
Income available for distribution | ₹3,881m | ₹3,334m | 16% | |||
S$75.5m | S$64.9m | 16% | ||||
Income to be distributed | ₹3,493m | ₹3,001m | 16% | |||
S$67.9m | S$58.4m | 16% | ||||
Income to be distributed (DPU3) | ₹3.32 | ₹2.89 | 15% | |||
6.45¢ | 5.63¢ | 15% | ||||
Weighted average number of units | 1,054,828 | 1,036,361 | 2% | |||
('000) | ||||||
- Income from Anchor building at ITPB;
- higher income from aVance Pune; and
- positive rental reversions.
- Increase due to higher total property income;
- one-offprovision for water supply and sanitary connection charges in ITPB in YTD FY18/19; and
- partially offset gains from one-off scrap sale of Dedicated Power Plant in ITPB in YTD FY18/194.
- Mainly due to net property income growth and interest income from investments in Arshiya, AURUM IT SEZ, aVance 5 & 6, aVance A1 & A2 and BlueRidge 3.
- After retaining 10% of income available for distribution.
- FY2019 refers to the 9-month period ended 31 December 2019. YTD FY18/19 refers to the 9-month period ended 31 December 2018.
- Average exchange rate for the period.
3. | Distribution per unit. | 9 |
4. Excluding the one-off items, FY2019 net property income in SGD would have increased by 11%.
Consistent growth
Our INR financial performance
INR million | 9,389 | ||||||
8,943 | |||||||
Total property income | 7,587 | 7,7281 | |||||
6,784 | |||||||
5,540 | 5,774 | 6,108 | |||||
4,899 | |||||||
12% CAGR2 | 3,783 | 4,007 | 4,182 | ||||
2,801 | |||||||
FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY2019
INR million
6,999
6,089 5,8271
Net property income | 5,047 | ||||||
4,415 | |||||||
3,165 | 3,450 | 3,681 | |||||
2,805 | |||||||
14% CAGR2 | 2,117 2,448 | 2,425 | |||||
1,651 | |||||||
FY07/08 | FY08/09 | FY09/10 | FY10/11 | FY11/12 | FY12/13 | FY13/14 | FY14/15 | FY15/16 | FY16/17 | FY17/18 | FY18/19 | FY2019 | |
1. | FY2019 refers to the 9-month period ended 31 December 2019. Hence results are not comparable to those of prior years. | 10 | |||||||||||
2. | CAGR from FY07/08 to FY18/19. |
Consistent growth
Our SGD financial performance
S$ million | 188.2 | 182.0 | ||||||||
144.0 | 156.7 | 150.31 | ||||||||
Total property income | ||||||||||
118.1 | 120.9 | 121.5 | 127.5 | 126.3 | 120.7 | 128.8 | ||||
102.7 | ||||||||||
5% CAGR2 | ||||||||||
FY07/08 | FY08/09 | FY09/10 | FY10/11 | FY11/12 | FY12/13 | FY13/14 | FY14/15 | FY15/16 | FY16/17 | FY17/18 | FY18/19 | FY2019 | |
S$ million | |||||||||||||
128.1 | 135.7 | ||||||||||||
Net property income | 104.2 | 113.41 | |||||||||||
93.7 | |||||||||||||
66.2 | 73.8 | 70.6 | 73.0 | 72.1 | 72.1 | 77.6 | |||||||
60.5 | |||||||||||||
8% CAGR2 | |||||||||||||
FY07/08 | FY08/09 | FY09/10 | FY10/11 | FY11/12 | FY12/13 | FY13/14 | FY14/15 | FY15/16 | FY16/17 | FY17/18 | FY18/19 | FY2019 | |
1. | FY2019 refers to the 9-month period ended 31 December 2019. Hence results are not comparable to those of prior years. | 11 | |||||||||||
2. | CAGR from FY07/08 to FY18/19. |
Quarterly DPU since listing
DPU1 (S¢) | Change since listing |
INR depreciation against SGD: -50% | |
INR/SGD exchange rate2 (Indexed)
9.00 | SGD DPU3: +49% | 130 | ||||||||||
8.00 | 120 | |||||||||||
7.00 | 110 | |||||||||||
6.00 | 100 | |||||||||||
5.00 | 90 | |||||||||||
4.00 | 80 | |||||||||||
3.00 | 70 | |||||||||||
2.00 | 60 | |||||||||||
1.00 | 50 | |||||||||||
0.00 | 40 | |||||||||||
FY07/08 | FY08/09 | FY09/10 | FY10/11 | FY11/12 | FY12/13 | FY13/14 | FY14/15 | FY15/16 | FY16/17 | FY17/18 | FY18/19 | FY2019 |
1Q | 2Q | 3Q | 4Q | INR/SGD exchange rate | |||
1. DPU (income available for distribution) refers to 100% of distributable income. 10% of distributable income was retained starting from 1Q FY12/13.
2. Average daily spot INR/SGD exchange rate for the period, pegged to 1 August 2007 using data sourced from Bloomberg. | 12 |
3. Last 12 months DPU compared against FY07/08 DPU. | |
Robust returns to shareholders
SGD DPU1
51%2
Growth since 2015
7.33 | |||
6.10 | 6.45 3 | ||
5.69 | |||
5.50 | |||
4.86
FY | 14/15 | 15/16 | 16/17 | 17/18 | 18/19 | 2019 |
Equity Fund Raise
in Nov 2019
a-iTrust Share Price | |||
88% | |||
Equity Fund Raise | |||
Growth since 2015 | in Feb 2018 | ||
1.69 4
1.131.19
1.01
0.90 0.88
Mar-15Mar-16Mar-17Mar-18Mar-19Feb-20
1. | Refers to distribution per unit post retention of 10% of income. | |
2. | SGD DPU growth and CAGR from FY14/15 to FY18/19. | 13 |
3. | FY2019 refers to the 9-month period ended 31 December 2019. Hence, figure is not comparable to those of prior years. | |
4. | Closing price on 25 February 2020. |
Consistent NAV growth
Adjusted NAV per unit1/ | INR/SGD exchange rate2 |
a-iTrust share price (S$) | (Indexed) |
1.80 | 120 | ||||
1.60 | 115 | ||||
1.40 | 1.31 | 1.38 | |||
110 | |||||
1.20 | 1.15 | ||||
1.05 | 105 | ||||
1.00 | 0.87 | ||||
100 | |||||
0.80 | |||||
0.60 | 95 | ||||
0.40 | 90 | ||||
0.20 | 85 | ||||
0.00 | 80 | ||||
Mar 16 | Mar 17 | Mar 18 | Mar 19 | Dec 19 |
Adjusted NAV per unit (S$) | INR/SGD exchange rate | a-iTrust share price | |||||
1. | Adjusted net asset value per unit. Excludes deferred income tax liabilities on capital gains due to fair value revaluation of investment properties. | ||||||
2. | Closing INR/SGD exchange rate. | 14 | |||||
Ranked highly on shareholder returns
1 Year Annualised Total Returns
Keppel DC REIT | Ranked 2nd out of 38 | 56.1 | 66.3 | |||||||||||||||||
Ascendas India Trust | ||||||||||||||||||||
Mapletree Industrial Trust | 41.2 | 46.5 | ||||||||||||||||||
Mapletree Logistics Trust | ||||||||||||||||||||
Mapletree Commercial Trust | 39.9 | |||||||||||||||||||
Sasseur REIT | 38.2 | |||||||||||||||||||
Manulife US REIT | 36.5 | |||||||||||||||||||
31.8 | ||||||||||||||||||||
Frasers Centrepoint Trust | ||||||||||||||||||||
Parkway Life REIT | 28.2 31.6 | |||||||||||||||||||
Keppel Pacific Oak US REIT | 20.923.6 | |||||||||||||||||||
Ascendas REIT | ||||||||||||||||||||
Cromwell European REIT | ||||||||||||||||||||
IREIT Global | 20.2 | |||||||||||||||||||
Fraser Logistics & Industrial Trust | 19.8 | |||||||||||||||||||
Sabana Shari'ah Compliant Industrial REIT | 16.7 | 19.6 | ||||||||||||||||||
OUE Commercial REIT | ||||||||||||||||||||
Frasers Commercial Trust | 16.2 | |||||||||||||||||||
Ascott Residence Trust | 16.1 | |||||||||||||||||||
CapitaLand Commercial Trust | 14.3 | |||||||||||||||||||
AIMS APAC REIT | 13.7 | |||||||||||||||||||
ESR-REIT | 12.1 | |||||||||||||||||||
CapitaLand Retail China Trust | 11.5 | |||||||||||||||||||
CapitaLand Mall Trust | 10.1 | |||||||||||||||||||
Starhill Global REIT | 9.2 | |||||||||||||||||||
SPH REIT | 8.3 | |||||||||||||||||||
Far East Hospitality Trust | 8.3 | |||||||||||||||||||
EC World REIT | 7.6 | |||||||||||||||||||
Keppel REIT | 7.3 | |||||||||||||||||||
Cache Logistics Trust | 5.6 | |||||||||||||||||||
Dasin Retail Trust | 4.6 | |||||||||||||||||||
Suntec REIT | 0.3 | |||||||||||||||||||
Mapletree North Asia Commercial Trust | -0.2 | 0 | ||||||||||||||||||
Frasers Hospitality Trust | ||||||||||||||||||||
BHG Retail REIT | -0.3 | |||||||||||||||||||
CDL Hospitality Trusts | -1.2 | |||||||||||||||||||
First REIT | -1.3 | |||||||||||||||||||
Lippo Malls Indonesia Retail Trust | -2.2 | |||||||||||||||||||
Soilbuild Business Space REIT | -9.9 | |||||||||||||||||||
-20 | -10 | 0 | 10 | 20 | 30 | 40 | 50 | 60 | 70 | 80 | ||||||||||
1. Bloomberg, SGX, data as of 31 January 2020. Based on Total Returns (%). Trusts which listed within the period are not included. RHT Health Trust is | 15 | |||||||||||||||||||
excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust |
Equity Fund Raising
Private Placement (November 2019)
- Approximately S$150 million was raised.
- The placement was more than four times covered.
- 99,470,000 new units issued on 28 November 2019.
- The issue price of S$1.508 represents a discount of 2.0% to the adjusted volume weighted average price.
- Most of the proceeds raised will be used to part finance the initial upfront funding of Phase 1 of a potential investment1.
Gearing |
33% |
28% |
Before Private | Post Private |
Placement 2 | Placement3 |
Debt headroom
- In the interim, net proceeds have been used to repay existing loans.
- If the potential investment does not take place, the proceeds may be used for other purposes, like funding existing committed pipelines or repaying existing loans.
S$802m |
S$514m |
Before Private | Post Private | |
Placement 2 | Placement3 | |
1. | a-iTrust has entered into a non-binding agreement for a potential investment by way of forward purchase of a business park. | 16 |
2. | As at 30 September 2019. | |
3. | As at 31 December 2019. |
Market review
Global IT powerhouse
India's IT industry
Largest global IT
sourcing destination1
India
55%
Rest of
the world
45%
Most cost competitive
IT sourcing destination2
IT engineer's salary
2 IT engineers in Singapore
The salary of | |
1 IT engineer in | |
USA | |
is equivalent to | 11 IT engineers in India |
1. | Source: India Brand Equity Foundation. | |
2. | Source: December 2019 median salary from PayScale (provider of global online compensation data), converted into USD from local currencies using exchange rate from Bloomberg | 18 |
(31 December 2019). | ||
India office market growth
India Grade A office stock (in mil sq ft)1
165% growth from 2009 to 2019
597
479
310
225
2009201220162019
1. Source: JLL. Refers to top 7 cities: Bangalore, Chennai, Hyderabad, Mumbai, NCR Delhi, Pune and Kolkata. | 19 |
Strong growth in Grade A office supply
India Grade A office supply-absorption trend1 | Absorption | |
~ 59mil sq ft | ||
80.0 | ||
70.0 | ||||||||
60.0 | ||||||||
50.0 | ||||||||
40.0 | ||||||||
30.0 | ||||||||
70% | ||||||||
20.0 | ||||||||
10.0 | ||||||||
0.0 | ||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E |
Supply (in million sq ft) | Gross Absorption (in million sq ft) | |||
1. Source: CBRE Research | 20 |
Office markets healthy
Bangalore (Whitefield)
5.0 | ||||||
15.5% | ||||||
4.0 | 12.0% | |||||
3.0 | 9.7%1 | |||||
7.2% | 8.9% | 6.0% | 6.0% | |||
2.0 | ||||||
1.0 | ||||||
0.0 | ||||||
CY 2015 | CY 2016 | CY 2017 | CY 2018 | CY 2019 | CY 2020E | CY 2021E |
Chennai (OMR)
3.0 | ||||
9.0% | ||||
2.0 | 7.0% | 5.8% | 5.3% | |
1.0 | 3.3% | 3.3% | 3.6% | |
0.0 |
CY 2015 CY 2016 CY 2017 | CY 2018 CY 2019 CY 2020E | CY 2021E | |||
Supply (in million sq ft) | Gross Absorption (in million sq ft) | Vacancy (%) | |||
Source: CBRE Research
- Higher vacancy is due to supply of 4.4m sq ft into the micro-market in 2019.
- Includes HITEC City and Madhapur.
Hyderabad (IT Corridor I2)
4.0 | |||
3.0 | |||
12.0% | |||
2.0 | 5.8% | 5.4% | |
6.2% | 5.7% | ||
1.0 | 3.0% | 2.6% | |
0.0 |
CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020E CY 2021E
Pune (Hinjawadi)
2.0 | ||||
15.2% | 8.9% | |||
1.0 | 9.9% | 8.6% | 6.7% | |
6.0% | 6.3% | |||
0.0 |
CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020E CY 2021E
21
Operational review
International Tech Park Hyderabad
Quality tenants
Tenant statistics
Top 10 tenants (in alphabetical order)
1 | Applied Materials |
2 | Arshiya1 |
- Bank of America
- Mu Sigma
- Renault Nissan
- Societe Generale
- Tata Consultancy Services
- Technicolor
- The Bank of New York Mellon
- United Health Group
Top 5 sub-tenants of Arshiya (in alphabetical order)
- DHL Logistics
- Huawei Telecommunications
- Labdhi Manufacturing
- Rolex Logistics (CISCO)
- ZTE Corporation
All information as at 31 December 2019. | |
1. The Trust is in a master lease agreement with Arshiya Limited ("Vendor") for the Arshiya warehouses. Rents paid by subtenants of the Vendor are | 23 |
deposited into an escrow account controlled by the Trust. Hence, this allows for the Trust to be paid first before all other expenses. | |
Diversified tenant base
Tenant country of origin & company structure by base rental
57% US companies | 86% multinational companies | ||
UK | Singapore | Others | |
Japan 2% | 1% | 4% | India Co |
2% | |||
USA | 14% | ||
France | |||
57% | |||
7% |
Country of | Company |
origin | structure |
India
27%
MNC
86%
All information as at 31 December 2019. | 24 |
Diversified tenant base
Tenant statistics
Diversified tenant industry
344 tenants
130,500 park employees
Largest tenant accounts for
8% of total base rent
Top 10 tenants accounts for
36% of total base rent
All information as at 31 December 2019.
Telco Retail Oil & Gas
Others 2% 2% 1%
3%
Healthcare & Pharma
3%
Automobile
6%
Electronics,
Semiconductor &
Engineering
6%
Logistics
7%
Design, Gaming
and Media
7%
Banking &
Financial Services
11%
F&B
1%
IT, Software & Application
Development and Service
Support
51%
25
Healthy portfolio occupancy
Committed portfolio occupancy: 99%
98% | 100% | 100% | 98% | 97% | 100% | 97% | 98% | 97% | 100% | 100% | |
94% | 95% | ||||||||||
94% | |||||||||||
90% | |||||||||||
ITPB | ITPC | CyberVale | aVance | CyberPearl | The V | aVance | Arshiya1 | ||||
Hyderabad | Pune |
a-iTrust occupancy | Market occupancy of peripheral area2 | |
All information as at 31 December 2019.
1. There are no comparable warehouses in the micro-market that the Arshiya warehouses are located in.
2. CBRE market report as at 31 December 2019. | 26 |
Transacted vs effective rents1
Bangalore | Chennai | Hyderabad | Pune | |||
40% | ||||||
35% | 34% | |||||
30% | ||||||
25% | 23% | |||||
20% | 19% | |||||
15% | 13% | 11% | ||||
10% | ||||||
7% | ||||||
5% | 3% | |||||
0% | ||||||
ITPB | ITPC | CyberVale | aVance | The V | CyberPearl | aVance |
Hyderabad | Pune |
All information as at 31 December 2019.
1. Difference in average transacted rents by a-iTrust over the past 12 months against effective rents at the respective properties. | |
Effective rent refers to the weighted average amortised rent for the respective properties for the last month of the reporting period. | 27 |
Average transacted rent refers to the weighted average signing rents for the respective properties for the past 12 months. |
Spread-out lease expiry profile
Weighted average lease term: | Weighted average lease expiry: |
6.7 years | 3.8 years |
Sq ft expiring
5,500,000 | 40% | ||||
5,000,000 | |||||
4,500,000 | |||||
4,000,000 | |||||
3,500,000 | |||||
3,000,000 | 21% | ||||
2,500,000 | 15% | 17% | |||
2,000,000 | |||||
1,500,000 | |||||
1,000,000 | 7% | ||||
500,000 | |||||
- | |||||
FY2020 | FY2021 | FY2022 | FY2023 | FY2024 & beyond |
All information as at 31 December 2019.
Note: Retention rate for the period 1 January 2019 to 31 December 2019 was 63%. This excludes leases in ITPH which are affected by the redevelopment of Auriga building.28
Capital management
International Tech Park, Chennai
Capital management
Currency hedging strategy
Balance sheet
- Trustee-Managerdoes not hedge equity.
- At least 50% of debt must be denominated in INR.
Income - Income is repatriated semi-annually from India to Singapore.
- Trustee-Managerlocks in the income to be repatriated by buying forward contracts on a monthly basis.
Funding strategy
- The Trustee-Manager's approach to equity raising is predicated on maintaining a strong balance sheet by keeping the Trust's gearing ratio at an appropriate level.
- Trustee-Managerdoes not borrow INR loans onshore in India as it costs less to hedge SGD borrowings to INR-denominated borrowings using cross-currency swaps and derivatives.
Income distribution policy
- To distribute at least 90% of its income available for distribution.
- a-iTrustretains 10% of its income available for distribution to provide greater flexibility in growing the Trust.
30
Debt maturity profile
Effective borrowings: S$719 million | Hedging ratio |
INR: 71% SGD: 29% | |
S$ Million | 236.6 | |||
212.2 | ||||
172.8 | ||||
158.6 | ||||
76.8 | 168.9 | |||
96.0 | 48.0 | 49.4 | ||
78.0 | ||||
48.0 | 49.4 | |||
43.3 | ||||
FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
SGD Denominated debt | INR Denominated debt |
Information as at 31 December 2019.
31
Capital structure
Indicator | As at 31 December 2019 | |
Interest service coverage | 3.6 times | |
(EBITDA/Interest expenses) | (FY2019) | |
Percentage of fixed rate debt | 89% | |
Gearing: 28%2 | ||
Percentage of unsecured borrowings | 100% | |
Effective weighted average cost of debt1 | 6.3% | |
Gearing limit | 45% | |
Available debt headroom | S$802 million | |
1. | Based on borrowing ratio of 71% in INR and 29% in SGD as at 31 December 2019. | |
2. | As at 31 December 2019, the effective borrowings to net asset ratio and total borrowings less cash and cash equivalent to net asset ratio is 53.9% and 49.7% | 32 |
respectively. |
Growth strategy
International Tech Park Chennai
Steady track record
Portfolio growth
Floor area
11% CAGR
Total developments: | Total acquisitions: | ||||||||||||
5.0 million sq ft | 4.8 million sq ft | ||||||||||||
Floor area | |||||||||||||
(million square feet) | |||||||||||||
12.8 | 12.61 | 13.1 | |||||||||||
0.5 | |||||||||||||
1.2 | |||||||||||||
11.1 | |||||||||||||
0.4 | |||||||||||||
9.0 | 1.5 | ||||||||||||
0.6 | |||||||||||||
8.1 | |||||||||||||
7.5 | 1.0 | ||||||||||||
6.9 | 6.9 | 0.6 | |||||||||||
0.6 | |||||||||||||
6.0 | 0.4 | ||||||||||||
12.6 | 12.6 | ||||||||||||
0.5 | |||||||||||||
4.7 | 4.8 | 4.8 | 1.2 | 11.1 | |||||||||
3.6 | 1.1 | 0.1 | 9.2 | ||||||||||
8.1 | |||||||||||||
6.9 | 6.9 | 7.5 | |||||||||||
6.0 | |||||||||||||
4.7 4.8 4.8
3.6 3.6
IPO | Mar-08Mar-09Mar-10Mar-11Mar-12 | Mar-13Mar-14Mar-15 | Mar-16Mar-17Mar-18Mar-19Dec-19 | ||||||
Portfolio | Development | Acquisition | |||||||
1. Reduction in floor area due to the demolition of Auriga building (0.2m sq ft) in ITPH as part of the redevelopment. | 34 |
Clear growth strategy
Development pipeline
Sponsor
Growthassets strategy
3rd party acquisitions
Logistics
- 3.8m sq ft1 in Bangalore
- 3.5m sq ft in Hyderabad
- 0.4m sq ft in Chennai
- 2.3m sq ft from CapitaLand
- Ascendas India Growth Programme
- 1.8m sq ft aVance Hyderabad
- 2.1m sq ft aVance Business Hub 2
- 1.4m sq ft AURUM IT SEZ
- 1.8m sq ft BlueRidge 3
- 2.8m sq ft2 Arshiya warehouses
- Ascendas-Firstspaceplatform
1. | Includes buildings under construction and additional development potential of 1.0m sq ft due to the widening of the road in front of International Tech Park | 35 |
Bangalore and 1.1m sq ft due to revised government regulation. | ||
2. | Includes a 7th warehouse under construction (0.3 million sq ft). |
Development: ITPB pipeline
Future development potential | International Tech Park Bangalore |
- Increase in development potential from 2.7 million sq ft to 3.8 million sq ft1.
- Anchor building (0.5 million sq ft) completed in May 2019.
- Construction of MTB 5 (0.7 million sq ft) has commenced.
Park Square
(Mall)
Taj Vivanta
(Hotel)
Special Economic Zone2
Aviator (Multi-tenanted building)
Voyager (Multi-tenanted building)
MTB 5
(Under construction)
Anchor
(New building)
Victor (Multi-tenantedbuilding)
1. | Includes buildings under construction and additional development potential due to the widening of the road in front of International Tech Park Bangalore | |
and revised government regulation. | 36 | |
2. | Red line marks border of SEZ area. |
Development: MTB 5, Bangalore
Artist's impression | |||
Floor area | 0.68m sq ft | ||
Property | International Tech Park Bangalore | ||
Construction status | • Construction has commenced and structure works are ongoing | ||
• Completion expected by 2H 2020 | |||
37 | |||
Leasing status | 100% pre-leased to a leading IT Services company | ||
Development: ITPH redevelopment
Existing Master Plan (1.5m sq ft1)
MLCP
Capella
Vega
Atria
Phase I
Orion
Auditorium Auriga | Mariner |
Proposed Master Plan (5.0m sq ft)
BLOCK E | |
Atria | BLOCK D |
Phase I
BLOCK C
BLOCK A | BLOCK B |
Key Highlights
Redevelopment to increase the development potential, rejuvenate the existing park, and leverage strong demand in Hyderabad:
- Net increase of 3.5m sq ft of leasable area
- Development planned in multiple phases over the next 7 to 10 years
- Construction for Phase I has commenced and excavation is in progress
1. Excludes the leasable area of Auriga building (0.2m sq ft) which has been demolished. | 38 |
Development: ITPH redevelopment - Phase I
Artist's impression | |||
Floor area | 1.36m sq ft | ||
Property | International Tech Park Hyderabad (ITPH) redevelopment - Phase I | ||
Development status | • Construction has commenced and excavation is in progress |
• Completion expected by 2H 2021 | 39 |
Sponsor: Assets in India
Sponsor presence1
Gurgaon
Pune
Chennai
Private fund managed by sponsor
- Ascendas India Growth Programme
1. Excludes a-iTrust properties.
International Tech Park, Pune
- Three phases comprising 1.9 million sq ft completed
- Final phase of 0.4 million sq ft under development
40
3rd party: Acquisition criteria for commercial space
- Target cities:
- Bangalore
- Chennai
- Hyderabad
- Pune
- Mumbai
- Delhi
- Gurgaon
- Investment criteria:
- Location
- Tenancy profile
- Design
- Clean land title and land tenure
- Rental and capital growth prospects
- Opportunity to add value
41
3rd party: aVance Hyderabad
Acquisition details
Property details
Location | HITEC City, Hyderabad |
Site area | 25.7 acres/10.4 ha |
Floor area | 1.50m sq ft |
Forward purchase of (5) & (6) | 1.80m sq ft |
ROFR on (7), (8), (9) & (10) | 1.16m sq ft |
- Based on exchange rate of S$1 to INR 50.04.
- Dependent on the leasing commitment at the time of acquisition.
Investment details
Owned by a-iTrust
- aVance 1 - 4 with total floor area of 1.5 million sq ft.
Construction funding
- Total construction funding towards aVance 5 & 6: Up to ₹8.9 bn (S$177m1).
- As at 31 December 2019, ₹8.4 bn (S$168m1) has been disbursed.
- aVance 6 was completed in December 2017. aVance 5 is expected to complete in 2H 2020.
Forward purchase agreement
- Total consideration not expected to exceed ₹13.5 bn2 (S$270m1).
42
3rd party: aVance Business Hub 2, Hyderabad
Acquisition details
Property details
Location | HITEC City, Hyderabad |
Site area | 14.4 acres/5.8 ha |
Forward purchase of (A1) & (A2)1 | 2.10m sq ft |
Proposed acquisition of (A3) to (A5)1 | 2.44m sq ft |
Investment details - aVance A1 & A2
Construction funding
- Total construction funding towards aVance A1 & A2: Up to ₹8.0 bn (S$158m2).
- Construction completion expected by 2H 2022.
- As at 31 December 2019, ₹0.5 bn (S$10m2) has been disbursed.
Forward purchase agreement
- Total consideration not expected to exceed ₹14.0 bn3 (S$278m2).
1. Master Agreement executed for proposed acquisition of Vendor assets. The total leasable area of A1 to A5 has been reduced from 5.20m sq ft to 4.53m sq ft due to changes in the Master Plan.
2. | Based on exchange rate of S$1 to INR 50.44. | 43 |
3. | Dependent on the leasing commitment at the time of acquisition. | |
3rd party: AURUM IT SEZ, Navi Mumbai
Acquisition details
Property details
(3) | (2) |
(1)
Artist's impression | ||
Location | AURUM IT SEZ, Navi Mumbai | |
Site area | 16.06 acres/6.50 ha | |
Forward purchase of (1) & (2) | 1.40m sq ft | |
ROFR on (3) | 1.13m sq ft | |
- Based on exchange rate of S$1 to INR 50.04.
- Dependent on the leasing commitment at the time of acquisition.
Investment details
Construction funding
- Total construction funding towards Building 1 and Building 2: Up to ₹5.0 bn (S$100m1).
- As at 31 December 2019, ₹4.0 bn (S$79m1) has been disbursed.
Forward purchase agreement
- Total consideration not expected to exceed ₹9.3 bn2 (S$186m1).
Buildings 1 & 2 (0.6m & 0.8m sq ft)
- Building 1: Occupancy Certificate received; Building 2: Expected completion 2H 2020.
Strategic location
- Marks entry into Navi Mumbai, an important market for large MNCs.
- Located next to Thane-Belapur Expressway; close proximity to the Ghansoli train station.
44
3rd party: BlueRidge 3, Pune
Acquisition details
Property details
Artist's impression | ||
Location | Hinjawadi Phase 1, Pune | |
Site area | 10.45 acres/4.23 ha | |
Forward purchase of (1) & (2) | 1.84m sq ft | |
- Based on exchange rate of S$1 to INR 50.48.
- Dependent on the leasing commitment at the time of acquisition.
Investment details - Phase 1 & Phase 2
Loan re-financing and balance land funding
- ₹0.6 bn (S$12m1) disbursed.
Construction funding
- Total construction funding towards Phase 1 & 2: Up to ₹5.6 bn (S$110m1).
- As at 31 December 2019, ₹1.2 bn (S$23m1) has been disbursed.
Forward purchase agreement
- Total consideration not expected to exceed ₹9.8 bn2 (S$194m1).
Phase 1 & 2 (1.4m & 0.4m sq ft)
- Phase 1: Expected completion 1H 2021; Phase 2: Expected completion 2H 2023.
45
Logistics: Key demand drivers
1 | Rise of | • Rapid progress under 'Make in India' campaign to raise sector's share from 13-17% to 25% of GDP | |
manufacturing | (e.g FDI increase in defence and railways; new plants announced by MNCs like Apple, Hitachi, | ||
sector | Foxconn) | ||
2 | Retail & | • The Indian e-commerce market is expected to grow from USD 38.5 billion in 2017 to USD 200 billion | |
E-Commerce | |||
by 2026 | |||
boom | |||
3 | GST | • GST has been introduced since July 1, 2017 and is expected to lead to the simplification of the | |
implementation | tax regime, leading to a more efficient supply chain | ||
4 | Trend towards | • Trend towards modern logistics and manufacturing facilities for speed and efficiency | |
quality | • Sectors such as manufacturing, retail and e-commerce demand for modern warehouses | ||
Source: Euromonitor, BCG, Goldman Sachs, Various Govt. ministries, IBEF and JLL Research
46
Logistics: Growing demand for warehousing space
Leasing at an all-time high of 33 million sq ft in 2019
Million sq ft | Pre - GST | Post - GST | ||
35 | ||||
30
25
20
15
10
5
0
2015 | 2016 | 2017 | 2018 | 2019 |
Full-year: | Full-year: | |||
~9.4 million sq ft | ~ 251% | ~33 million sq ft | ||
Source: CBRE
47
Logistics: CapitaLand partnership with Firstspace Realty
Sponsor initiative
- The Ascendas-Firstspace platform is a joint venture between CapitaLand and Firstspace Realty.
- Aims to deliver state-of-the-art logistics and industrial facilities across major warehousing and manufacturing hubs in India.
- Targets to develop close to 15 million sq ft of space over the next five to six years.
- Provides a-iTrust with a potential pipeline of quality warehouses in the future.
48
Logistics: Arshiya warehouses, Mumbai
Acquisition details - 6 operating warehouses
Property details
Location | Panvel, near Mumbai |
Site area | 24.5 acres/9.9 ha |
Floor area | 0.83m sq ft |
Forward purchase | At least 2.80m sq ft1 |
- Includes a 7th warehouse under construction (0.33 million sq ft).
- Based on an exchange rate of S$1 to INR 47.50.
Investment details
6 operating warehouses (0.83m sq ft)
- Acquired in February 2018.
- Upfront payment of ₹4.3 bn (S$91m2) and deferred consideration of up to ₹1.0 bn (S$21m2) to be paid over the next 4 years.
- As at 31 December 2019, ₹0.4 bn (S$7m2) deferred consideration has been paid.
- Operating lease arrangement with vendor to lease- back the warehouses for 6 years.
Forward purchase agreement
- Additional future development potential of at least 2.80m sq ft1.
- Right to provide co-financing of construction loan.
- Exclusive right to acquire all future warehouses.
49
Logistics: Arshiya warehouses, Mumbai
Acquisition details - additional warehouse
Property details | Investment details |
Additional warehouse (0.33m sq ft)
• In July 2019, a-iTrust has exercised its right under the forward purchase agreement to extend construction funding and finalise the acquisition terms for an additional warehouse.
Construction funding
• Total construction funding: up to ₹0.7 bn (S$14 m2).
• As at 31 December 2019, ₹0.2 bn (S$3m2) has been disbursed.
Location | Panvel, near Mumbai |
Site area | 24.5 acres/9.9 ha |
Floor area | 0.33m sq ft |
Forward purchase | At least 2.80m sq ft1 |
- Includes a 7th warehouse under construction (0.3 million sq ft).
- Based on an exchange rate of S$1 to INR 51.0.
Acquisition
- Total consideration not expected to exceed ₹2.1 bn (S$42 m2).
Master lease structure
• Operating lease arrangement with a subsidiary company of the vendor to lease-back the warehouse for 6 years.
50
Outlook
International Tech Park Bangalore
Growth based on committed pipeline
Floor area
(million square feet)
13.1
Floor area
73%
22.6
0.3
1.8
2.1
1.8
1.4
1.4
0.7
13.1
Dec-19 | Growth pipeline | |||||||||||||
Portfolio | MTB 5 | The V redevelopment - Phase I | AURUM IT SEZ | aVance 5 & 6 | aVance A1 & A2 | BlueRidge 3 - Phase 1 & 2 | Arshiya | |||||||
52
Growth Pipeline
aVance Hyderabad | aVance Business Hub 2 | AURUM IT SEZ | BlueRidge 3 | Arshiya | |||||||||
TOTAL | |||||||||||||
aVance 5 | aVance 6 | aVance A1 | aVance A2 | Building 1 | Building 2 | Phase 1 | Phase 2 | 7th warehouse | |||||
Floor area | 1.16 | 0.64 | 1.05 | 1.05 | 0.60 | 0.80 | 1.41 | 0.43 | 0.33 | 7.47 | |||
(mil sq ft) | |||||||||||||
Time of Completion | 2H | Dec | 2H | 2H | OC3 | 2H | 1H | 2H | 2H | N.A. | |||
2020 | 2017 | 2022 | 2022 | received | 2020 | 2021 | 2023 | 2020 | |||||
Expected total | ₹13.5b | ₹14.0b | ₹9.3b | ₹9.8b | ₹2.1b4 | ₹48.7b | |||||||
consideration1 | (S$270m) | (S$278m) | (S$186m) | (S$194m) | (S$42m) | (S$969m) | |||||||
Amount disbursed1 | ₹8.4b | ₹0.5b2 | ₹4.0b | ₹1.8b | ₹0.2b | ₹14.8b | |||||||
(S$168m) | (S$10m) | (S$79m) | (S$36m) | (S$3m) | (S$295m) | ||||||||
Remaining | ₹5.1b | ₹13.5b | ₹5.3b | ₹8.0b | ₹1.9b | ₹33.9b | |||||||
commitment1 | (S$102m) | (S$268m) | (S$107m) | (S$159m) | (S$38m) | (S$673m) | |||||||
Information as at 31 December 2019.
- Based on exchange rate at the time of investment/announcement.
- Excludes disbursement of ₹2.0 billion (S$39 million1) towards refinancing of loan taken by PVPL towards acquisition of additional land in aVance Business Hub 2.
3. | Refers to occupancy certificate. | 53 |
4. | Net consideration after deduction of security deposit is ₹2.0 billion (S$40 million1). |
Tan Choon Siang Chief Financial Officer
Ascendas Property Fund Trustee Pte Ltd (Trustee-Manager of a-iTrust)
Office: +65 6774 1033
Email: choonsiang.tan@a-iTrust.com
Website: www.a-iTrust.com
Appendix
Glossary
Trust properties | : Total assets. |
Derivative financial | : Includes cross currency swaps (entered to hedge SGD borrowings into INR), interest rate swaps, options and |
instruments | forward foreign exchange contracts. |
DPU | : Distribution per unit. |
EBITDA | : Earnings before interest expense, tax, depreciation & amortisation (excluding gains/losses from foreign |
exchange translation and mark-to-market revaluation from settlement of loans). | |
Effective borrowings | : Calculated by adding/(deducting) derivative financial instruments liabilities/(assets) to/from gross borrowings, |
including deferred consideration. | |
Gearing | : Ratio of effective borrowings to the value of Trust properties. |
ITES | : Information Technology Enabled Services. |
INR or ₹ | : Indian rupees. |
SEZ | : Special Economic Zone. |
SGD or S$ | : Singapore dollars. |
Super Built-upArea or SBA : Sum of the floor area enclosed within the walls, the area occupied by the walls, and the common areas such as the lobbies, lift shafts, toilets and staircases of that property, and in respect of which rent is payable.
55
Average currency exchange rate
Average exchange rates used to translate a-iTrust's INR income statement to SGD
1 Singapore Dollar buys | Oct | Nov | Dec | ||||
Indian Rupee | |||||||
2019 | 51.4 | 51.5 | 51.6 | ||||
2018 | 53.5 | 52.4 | 51.8 | ||||
SGD appreciation/(depreciation) | (3.9%) | (1.7%) | (0.4%) | ||||
1 Singapore Dollar buys | 1Q | 2Q | 3Q | YTD | |||
Indian Rupee | |||||||
FY2019 | 51.2 | 51.5 | 51.5 | 51.4 | |||
FY18/19 | 50.2 | 51.3 | 52.5 | 51.3 | |||
SGD appreciation/ | 2.0% | 0.4% | (1.9%) | 0.2% | |||
(depreciation) | |||||||
Note: These rates represent the average exchange rates between Indian Rupee & Singapore Dollar for the respective periods.
56
Balance sheet
As at 31 December 2019 | INR | SGD |
Total assets | ₹135.87 billion | S$2,577 million |
Total borrowings | ₹39.08 billion | S$741 million |
Derivative financial instruments | (₹1.19 billion) | (S$23 million) |
Effective borrowings1 | ₹37.90 billion | S$719 million |
Long term receivables | ₹16.77 billion | S$318 million |
Net asset value | ₹57.40 per unit | S$1.09 per unit |
Adjusted net asset value2 | ₹73.00 per unit | S$1.38 per unit |
1. | Calculated by adding/(deducting) derivative financial instruments liabilities/(assets) to/from gross borrowings, including deferred consideration. | |
2. | Excludes deferred income tax liabilities of ₹17.8 billion (S$339 million) on capital gains due to fair value revaluation of investment properties. | 57 |
World-class IT and logistics parks
City | Bangalore | Chennai | Hyderabad | Pune | Mumbai | ||
• Intl Tech Park | • | Intl Tech Park | • | Intl Tech Park | • aVance Pune | • Arshiya warehouses | |
Property | Bangalore | Chennai | Hyderabad | ||||
• | CyberVale | • | CyberPearl | ||||
• | aVance Hyderabad | ||||||
Type | IT Park | IT Park | IT Park | IT Park | Warehouse | ||
Site area | 68.3 acres | 33.2 acres | 51.2 acres1 | 5.4 acres | 24.5 acres | ||
27.6 ha | 13.5 ha | 20.5 ha1 | 2.2 ha | 9.9 ha | |||
Completed floor | 4.5m sq ft2 | 2.8m sq ft | 3.4m sq ft2 | 1.5m sq ft | 0.8m sq ft | ||
area | |||||||
Number of | 11 | 6 | 11 | 3 | 6 | ||
buildings | |||||||
Park population | 49,600 | 35,500 | 31,600 | 13,800 | - | ||
Land bank | |||||||
(development | 3.8m sq ft3 | 0.4m sq ft | 3.5m sq ft4 | - | - | ||
potential) | |||||||
- Includes land not held by a-iTrust.
- Only includes floor area owned by a-iTrust. Excludes the leasable area of Auriga building (0.2m sq ft) in ITPH, which has been demolished.
- Includes buildings under construction and additional development potential due to the widening of the road in front of International Tech Park Bangalore and revised government
regulation. | 58 |
4. Includes buildings under construction. |
Lease expiry profile
City | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | Total |
& beyond | ||||||
Bangalore | 452,400 | 1,234,400 | 648,700 | 64,600 | 2,023,800 | 4,423,900 |
Chennai | 835,000 | 865,500 | 666,700 | 174,100 | 256,800 | 2,798,200 |
Hyderabad | 558,600 | 571,100 | 759,100 | 540,500 | 811,000 | 3,240,300 |
Pune | 137,000 | - | 64,100 | 58,300 | 1,244,300 | 1,503,700 |
Mumbai | - | - | - | - | 832,200 | 832,200 |
Total | 1,983,000 | 2,671,100 | 2,138,500 | 837,500 | 5,168,200 | 12,798,300 |
59
a-iTrust unit price versus major indices
(Indexed)
175
150
125
100
75
50
25
0
a-iTrust
FTSE STI Index FTSE ST REIT Index Bombay SE Realty Index INR/SGD FX rate
Indicator | |
Trading yield | 5.5%1 |
(as at 31 December 2019) | |
Average daily trading | 1,493,400 units |
volume (3Q FY2019) | |
a-iTrust
FTSE ST REIT Index FTSE STI Index
INRSGD FX Rate
Bombay
SE Realty
Index
IPO | Dec 07 | Jun 08 | Dec 08 | Jun 09 | Dec 09 | Jun 10 | Dec 10 | Jun 11 | Dec 11 | Jun 12 | Dec 12 | Jun 13 | Dec 13 | Jun 14 | Dec 14 | Jun 15 | Dec 15 | Jun 16 | Dec 16 | Jun 17 | Dec 17 | Jun 18 | Dec 18 | Jun 19 | Dec 19 |
Source: Bloomberg
1. Trading yield based on annualised 3Q FY2019 DPU of 8.60 cents at closing price of S$1.55 per unit as at 31 December 2019. | 60 |
Structure of Ascendas India Trust
Unitholders
Holding of units | Distributions | |||
Trustee's fee & management fees | ||||
a-iTrust | ||||
Acts on behalf of unitholders/ | ||||
100% ownership & | Dividends, principal | management services | ||
shareholder's loan | repayment | |||
of shareholder's loan |
Singapore SPVs
- Ascendas Property Fund (India) Pte. Ltd.
- Ascendas Property Fund (FDI) Pte. Ltd.
Ownership of ordinary shares; Subscription to Fully & | Dividends on ordinary shares, proceeds from share buyback |
Compulsory Convertible Debentures ("FCCD") and | |
& interest on FCCD and NCD | |
Non-Convertible Debentures ("NCD") | |
The VCUs |
Ascendas Property Fund Trustee Pte. Ltd.
(the Trustee-Manager), a wholly owned subsidiary of
CapitaLand
Singapore
India
-
Ascendas Panvel FTWZ Limited1
(100.0% ownership)
- Information Technology Park Limited (92.8% ownership)2
- Ascendas Information Technology Park Chennai Ltd. (89.0% ownership)2
- Cyber Pearl Information Technology Park Private Limited (100.0% ownership)
- VITP Private Limited (100.0% ownership)
- Hyderabad Infratech Private Limited (100.0% ownership)
- Avance-AtlasInfratech Private Limited (100.0% ownership)
- Deccan Real Ventures Private Limited (100.0% ownership)
Ownership | Master rental income | Ownership | Net property income | |||||||
The Properties | Provides property | |||||||||
• Arshiya warehouses | • | ITPB | • | ITPH | management services | Ascendas Services | ||||
• | ITPC • | aVance Hyderabad | (India) Private Limited | |||||||
• | CV | • | aVance Pune | (the property manager) | ||||||
• | CP | Property management fees | ||||||||
1. Entered into a master lease agreement with Arshiya Limited ("AL") to lease back the warehouses to AL for a period of six years. AL will operate and manage the warehouses and pay pre- agreed rentals.
2. Karnataka State Government owns 7.2% of ITPB & Tamil Nadu State Government owns 11.0% of ITPC. | 61 |
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Disclaimer
Ascendas India Trust published this content on 26 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2020 09:43:09 UTC