Ascendas Property Fund Trustee Pte Ltd Appoints CEO
July 11, 2014 - Bangalore, Karnataka, India
Mr. Dasgupta, who joined APFT on 15 January 2014, has extensive experience in corporate finance and fund management. His last role before joining Ascendas Group was as the President of Real Estate at ICICI Venture, where he was responsible for real estate private equity investments. Mr. Dasgupta will oversee the operation of a-iTrust and its asset and investment management, finance and investor relations activities. He will also be concurrently CEO, India Funds and managing Ascendas’ private real estate funds.
Mr. Lee Fu Nyap, CEO, India Operations, will continue to oversee Ascendas’ operations in India, including its business development as well as property leasing, development and management activities. He will also oversee Ascendas’ direct investments in India.
Mr. Yap will focus on his role as Ascendas Group’s Assistant Group CEO, Overseas Funds and India after stepping down as CEO of APFT. Both Mr. Dasgupta and Mr. Lee reports to Mr. Yap.
Commenting on Mr. Dasgupta’s appointment, Mr. Jonathan Yap said, “Ascendas has been investing in Indian real estate for over two decades both directly as well as through the listed and private funds. With Sanjeev’s joining and expansion of the senior management team, we will continue to seek growth and deepen our presence in India.”
Profile of Mr. Sanjeev Dasgupta, CEO, Ascendas Property Fund Trustee Pte Ltd
Mr. Sanjeev Dasgupta has around 22 years of experience in the areas of real estate fund management, corporate finance, strategy and financial control. Immediately prior to joining Ascendas, he was working as President of Real Estate at ICICI Venture Funds Mgmt. Co. Ltd., a leading private equity fund manager in India. In that role, Mr. Dasgupta was responsible for investments and portfolio management of the Real Estate funds of around USD 600 million. His key achievements included creation of a real estate structured investment product and a managed account platform through which he led investments in Mumbai, NCR and Bangalore. He also played a key role in significant performance improvements of certain assets through changes in the development mix, cost reduction, refinancing and other initiatives. Prior to joining ICICI Venture, Mr. Dasgupta managed real estate investments of around USD 430 million as Managing Director at Future Capital Real Estate, a leading real estate development oriented fund manager. He led several landmark investments in metros such as Mumbai and Bengaluru and in high growth tier 2 cities.
Mr. Dasgupta’s prior work experience included stints with organisations such as Tata Group and Merrill Lynch across India, Hong Kong and London. He is a qualified chartered accountant, graduate company secretary and an MBA from London Business School.
Mr. Dasgupta is based out of Ascendas’ headquarters in Singapore.
Ascendas India Trust (www.a-iTrust.com)
Ascendas India Trust (“a-iTrust” or the “Trust”) was listed in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India. a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion. The portfolio comprises five world-class IT business parks in India, namely the International Tech Park Bangalore, International Tech Park Chennai, and CyberPearl, the V and aVance Business Hub in Hyderabad. a-iTrust is structured as a business trust, offering stable income distributions akin to a Real Estate Investment Trust. The Trust focuses on enhancing shareholder value by actively managing existing properties, developing vacant land in its portfolio, and acquiring new properties. The acquisition strategy includes a right of first refusal over substantially income-producing business space from Ascendas Land International Pte Ltd and Ascendas India Development Trust, as well as the acquisition of third-party properties across India. a-iTrust is managed by Ascendas Property Fund Trustee Pte Ltd, a subsidiary of the Ascendas Group.
Ascendas is a leading provider of business space solutions in Asia with a presence in 33 cities across 10 countries and assets under management exceeding US$10 billion. Ascendas India, the sub-continental arm of Ascendas Pte Ltd, has close to 9 million sq ft, of assets under management in India valued at some INR 8,400 crores. The portfolio includes the International Tech Park Chennai and CyberVale in Chennai, International Tech Park Bangalore, CyberPearl, The V and aVance in Hyderabad and International Tech Park Pune. In addition to IT Parks, Ascendas is also developing integrated projects with sector specific SEZs, commercial, residential and supporting social amenities in Chennai and Gurgaon.
In 2005, Ascendas launched its first India focused fund, Ascendas India IT Parks Trust. In 2007, Ascendas added Ascendas India Development Trust, a private real estate fund focusing on integrated property development projects and Ascendas India Trust, which was Asia’s first listed Indian property trust. In 2013, Ascendas India Growth Programme was launched in association with Singapore’s sovereign wealth fund, GIC Private Limited.
Photo Caption: Sanjeev Dasgupta, CEO, Ascendas Property Fund Trustee Pte Ltd
Source: Business Wire India