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 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.