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The Ascendas India Trust is investing $161 million in the first phase of the India data center facility.
Ascendas India Trust’s first data center campus in India, as depicted by an artist.
July 5, 2021, by Mars W. Mosqueda Jr.
Ascendas Property Fund Trustee Pte Ltd, the trustee-manager of Ascendas India Trust (a-iTrust), has announced that it will invest Rs1,200 crore ($161 million) in the first phase of its data center campus in India.
The complex will be built on a 6.6-acre greenfield location and will be one of the largest data center campuses in Airoli, a burgeoning data center cluster in Navi Mumbai. It will have a total built-up area of up to 575,000 square feet and a power capacity of 90 megawatts.
Two buildings will make up the data center complex. The first building in phase one will have a built-up area of about 325,000 square feet. It is expected to be completed by the second quarter of 2024.
Sanjeev Dasgupta, CEO of a-trustee-manager, iTrust’s said, “Our entry into the data center sector in India will diversify a-portfolio iTrust’s into an attractive and highly scalable asset class.”
According to a-iTrust, demand for data centers in India is expanding as technology infrastructure improves and new technologies such as 5G, artificial intelligence, cloud, and the Internet of Things become more widely adopted.
The data center campus that a-iTrust is purchasing is located on Thane-Belapur Road, which is easily accessible from Mumbai city through the Eastern Express Highway.
Because of its proximity to sea cable landing stations, larger land lots with clear title, sufficient and scalable power, and built infrastructure, Navi Mumbai has emerged as a popular data center location.
The third-party vendor acquisition of the site is projected to be completed by the third quarter of 2021.
The trustee-manager of a-iTrust entered into a purchase agreement with Gardencity Realty in March to acquire two buildings in a Bengaluru IT Park.
The International Tech Park Bangalore, International Tech Park Chennai, and CyberVale in Chennai; International Tech Park Hyderabad, CyberPearl, and aVance in Hyderabad; and aVance in Pune and Arshiya warehouses near Mumbai are among Ascendas India Trust’s portfolio of seven world-class IT business parks and one logistics park in India.
CapitaLand, the trustee-manager of a-iTrust, has been investing heavily in the rapidly growing data center business. It paid $564 million in April for its first hyperscale data center in Shanghai.
CapitaLand’s strategic choice to expand into new economy assets such as data centres is based on growing worldwide connectivity and data consumption, which has intensified amid COVID-19, according to the company.
According to He Jihong, CEO, Data Centre, and Chief Corporate Strategy Officer at CapitaLand Group, CapitaLand’s investment in data centers this year has totaled nearly $1.3 billion, thanks to the new development in India.
“India’s growing data consumption and need for high-quality solutions presents a fantastic opportunity for CapitaLand to enter the developing data center market,” she added.
Ascendas India Trust Ascendas Property Fund Trustee a-iTrust Ascendas India Trust Ascendas Property Fund Trustee
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