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Ascendas India Trust completes Hyderabad IT building acquisition

ASCENDAS India Trust (a-iTrust) completed the acquisition of multi-tenanted IT building aVance 3 on Thursday.

The purchase of the Hyderabad asset for 2.94 billion rupees (S$63 million) will support its income growth going forward, the firm said.

The building, which has a total floor area of about 682,900 square feet, has multinational anchor tenants such as United Healthcare Group and ValueLabs. It has a leasing commitment of 94 per cent as at July 30.

Said the trust manager's CEO Sanjeev Dasgupta: "aVance 3 is a high quality addition to our portfolio and increases a-iTrust's total floor area to 8.8 million sq ft. Acquiring aVance 3 deepens our presence in Hyderabad, a key gateway city for global companies looking to set up offshore IT operations."