You are here

Ascendas India Trust completes acquisition of IT building in Hyderabad

Tuesday, April 11, 2017 - 20:10

ASCENDAS India Trust (a-iTrust) has completed the acquisition of a multi-tenanted IT building in Hyderabad, India, on Tuesday, said its trustee manager Ascendas Property Fund Trustee.

a-iTrust entered into an amended share purchase agreement with the vendor, Phoenix Infocity, to acquire aVance 4 for an aggregate consideration, which includes the deferred component, of some 1.94 billion Indian rupees (S$42.2 million).

The deferred payment for the vacant space will be made over the next 12 months in tranches based on leasing, it said in a statement.

aVance 4, located in Hyderabad's aVance business hub, has a total floor area of 390,000 sq ft and its anchor tenants include multi-national corporations such as IBM India, Sears IT & Management Services India, and Ebix Software. It so far has a leasing commitment of 80.4 per cent, while the trustee manager said that discussions are ongoing with prospective tenants for the remaining space and the "pipeline is healthy".

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom