Ascendas India Trust completes acquisition of IT building in Hyderabad

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".