Ascendas India Trust completes Hyderabad IT building acquisition
Add BT as a preferred sourceASCENDAS 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."
Share with us your feedback on BT's products and services
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Not retirement, but a rewiring and fresh perspectives post-DBS, says Piyush Gupta
‘I feel so stupid’: How young Indonesians get stuck on the debt treadmill
Indonesia targets year-end start for US$30 billion clean power exports to Singapore
