Ascendas to acquire industrial facility in Chennai’s Mahindra World City
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Ascendas Property Fund Trustee Ltd., the trustee-manager of Ascendas India Trust (a-iTrust), has entered into a forward purchase agreement with Casa Grande Group to acquire its first industrial facility located at Mahindra World City, Chennai.
a-iTrust will provide funding for the development of the project as part of the forward purchase arrangement. However, the deal value has not been disclosed. The project is an industrial facility with a net leasable area of approximately 0.42 million square feet. The construction work for this project is ongoing and is expected to be completed by mid-2021.
Ascendas India Trust to acquire IT-SEZ building in Hyderabad from Phoenix Group for Rs 506 crore
Ascendas Property Fund Trustee Pte. Limited, in its capacity as Trustee-Manager of Ascendas India Trust, enters into definitive agreements for the proposed acquisition of aVance 6 at HITEC City in Hyderabad.
Ascendas India Trust said on February 16 that it will acquire an IT-SEZ building in Hyderabad from Phoenix Group for Rs 506 crore.
Ascendas Property Fund Trustee Pte. Limited, in its capacity as Trustee-Manager of Ascendas India Trust, has entered into definitive agreements for the proposed acquisition of aVance 6 at HITEC City, Hyderabad, the company said in a statement.
Ascendas India Trust to buy Hyderabad office building for ₹506 crore
The International Tech Park Bangalore in Bengaluru’s Whitefield area is one of the IT parks set up by Ascendas-Singbridge.
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BENGALURU: Singapore’s Ascendas India Trust (a-iTrust) on Tuesday said it has entered into a definitive agreement to acquire aVance 6, an IT special economic zone (SEZ) building in Hyderabad’s HITEC City.
a-iTrust is buying the commercial office asset of 639,495 sq ft from real estate firm Phoenix IT Infrastructure India Pvt Ltd. Around 98.3% of aVance 6 is leased to Amazon Development Center (India) Pvt Ltd.
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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.
Ascendas Property Fund Trustee, the trustee-manager of Singapore listed Ascendas India Trust (a-iTrust), on Tuesday said that it is buying an information technology SEZ building in Hitech City of Hyderabad for Rs 500 crore from Phoenix IT Infrastructure. The building, called aVance 6, has an area of 639,495 square feet, of which about 98 per cent has been leased to a multinational corporation, Amazon Development Center (India) Private Limited. The proposed acquisition will be the fifth building acquired by a-iTrust from the Phoenix Group. In February 2012, a-iTrust acquired aVance 1 & 2, totaling 427,700 square feet. In July 2015, a-iTrust acquired aVance 3 (682,900 sq ft and in April 2017, it bought aVance 4 (390,000 square ft). aVance 5 is currently under construction.