Ascendas India Trust (a-iTrust) stated on February 16, Tuesday, that it’s going to purchase an IT-SEZ constructing in Hyderabad from Phoenix Group for a sum of Rs 506 crore. According to an official assertion, the Ascendas Property Fund Trustee, in its capability as trustee-manager of Ascendas India Trust, entered into definitive agreements for the proposed acquisition of aVance 6 at HITEC City in Hyderabad. The agreements had been executed with the shareholders of the Phoenix IT Infrastructure India Private Limited to accumulate an IT SEZ constructing in Hyderabad with a complete flooring space of 639,495 sq. toes roughly.
Around 98.Three per cent of aVance 6 is leased to Amazon Development Center (India) Private Limited, the assertion added. The proposed acquisition would be the fifth constructing acquired by Ascendas India Trust from the Phoenix Group. In February 2012, Ascendas India Trust acquired aVance 1 and 2, totaling 427,700 sq. toes. In July 2015, it acquired the aVance 3, totaling 682,900 sq. toes, and in April 2017, the corporate acquired aVance 4, totaling 390,000 sq. toes. aVance 5 is at present underneath building.
“The proposed acquisition gives a-iTrust a chance to scale up our presence in HITEC City and can add Amazon as a tenant to our IT park portfolio. The bettering connectivity and enhancement work being carried out at aVance, HITEC City, Hyderabad would profit our tenants sooner or later. We have already began seeing some leasing traction, with a big US based mostly MNC having executed a Letter of Intent to lease aVance 5,” stated Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager.