Ascendas India Trust’s net property income rises 8% y-o-y to S$39.9m

One of the drivers for the increase is the 4% growth in its total property income

SGX-listed Ascendas India Trust’s (a-iTrust) net property inome grew 8% y-o-y to S$39.9m in the third quarter.

In a bourse disclosure, the property trust’s manager attributed the growth to the increased total property income which jumped by 4% to S$48.9m from S$47.0m in the same period last year.

Another driver for the growth is the decrease in operations and ad-hoc expenses, its manager said.

During Q3,  a-iTrust was also able to complete its acquisition of land in Navi Mumbai, India which will be used for the development of its maiden data centre (“DC”) campus.

The site’s total purchase consideration was pegged at S$ 23.8 million (INR 1.3b). Phase one of its development, which had a total investment of S$ 216.6  (INR 12b), is expected to be completed by Q3 2021.

The property trust was also able to close a new S$150 million sustainability-linked term loan with UOB. This pushed sustainability-linked loan’s proportion in a-iTrust’s loan books to 25%

Meanwhile, a-iTrust’s committed portfolio occupancy was at 89%.

It was able to lease and renew 2.2 million sq ft of leasable area across the portfolio as at YTD 3Q 2021.