Ascendas India Trust has acquired another building in the AVance business park complex at HITEC City, Hyderabad, from Phoenix IT Infrastructure India for INR5.06bn (€57m). 

The Singapore trust already owns a number of buildings developed by Phoenix in HITEC City.

Since 2012 Ascendas India Trust has acquired AVance 1&2, AVance 3 and AVance 4. Its latest acquisition of AVance6, it is fifth building.

Sanjeev Dasgupta, chief executive officer of the trustee-manager of the trust, said through the acquisition, the trust would add Amazon to its list of tenants in its IT park portfolio.

“The improving connectivity and enhancement work being carried out at AVance, HITEC City, Hyderabad would benefit our tenants in the future. We have already started seeing some leasing traction, with a large US-based MNC having executed a letter of intent to lease AVance 5,” said Dasgupta.

AVance 5 is currently under construction and due for completed this year.

To read the digital edition of the latest IPE Real Assets magazine click here.

Topics