After owning Ascendas Reit, what came next?  Well, the lesser Ascendas … Ascendas India Trust.  Ascendas Reit with a SGD12b+ asset size and a market cap of 11.01b is a behemoth.  Ascendas India Trust (a-iTrust) is comparatively smaller with a market capitalisation of 1.584b.

I consider a-iTrust a good complement to Ascendas Reit.  Ascendas Reit focuses on Singapore, Australia, the UK and the USA, while a-iTrust is a pure India play.

Introduction 

Ascendas India Trust was listed on the SGX in August 2007 as the first Indian property trust in Asia. a-iTrust is not exactly a REIT, but structured as a business trust.  It is, nevertheless, enabled to offer stable income distributions similar to a REIT.

a-iTrust is focused on capitalising on the fast growing IT and logistics industries in India and its principal objective is to own income-producing real estate used primarily as business space in India.

Its properties

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