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aVance 6 is the latest in a string of Hyderabad buildings which Ascendas India Trust has purchased
Ascendas India Trust on Tuesday announced that it has agreed to purchase an office building in Hyderabad, India leased almost entirely to online giant Amazon as the CapitaLand-managed REIT continues to build its tech space portfolio on the subcontinent.
The Singapore-listed trust is paying INR 5.06 billion ($70 million) for the asset known as aVance 6, in its latest buy from local developer Phoenix Group’s aVance IT park in the capital of south-central India’s Telangana province.
“The proposed acquisition provides a-iTrust an opportunity to scale up our presence in HITEC City and will add Amazon as a tenant to our IT park portfolio,” said Sanjeev Dasgupta, chief executive of the trust’s manager.