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 Agreements were executed with the shareholders of Phoenix IT Infrastructure India Private Limited to acquire an IT SEZ building with a total floor area of approximately 6,39,495 square feet for a gross consideration of approximately Rs 5.06 billion.
Approximately 98.3% of aVance 6 is leased to a multinational corporation, Amazon Development Center (India) Private Limited.
Ascendas India Trust is a property trust which owns seven IT parks and one logistics park in India with a total floor area of 13.8 million sq ft spread across Bangalore, Chennai, Hyderabad, Pune and Mumbai. Ascendas India Trust is focused on capitalising on the fast growing IT and logistics industries in India.
The proposed acquisition will be the fifth building acquired by a-iTrust from the Phoenix Group. According to Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager the proposed acquisition will provide a-iTrust an opportunity to scale up its presence in HITECH City and will add Amazon as a tenant to its IT park portfolio.
#AscendasIndiaTrust #aVance6 #AmazonDevelopmentCenter #Hybiz

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