a-iTrust to buy 2 office blocks in Hyderabad's HITEC City
Total purchase price - based on pre-agreed formula - will not exceed 14 billion rupees
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ASCENDAS Property Fund Trustee, the trustee-manager of Ascendas India Trust (a-iTrust), has agreed to acquire two office buildings in aVance Business Hub 2, a business park located in Hyderabad's HITEC City.
The transaction comprises a two-stage process. a-iTrust will first subscribe to debentures issued by Phoenix Infrasoft India Private Ltd (PIIPL 1) and Phoenix Infraspace India Private Ltd (PIIPL 2), the two entities developing the buildings, for 7.96 billion Indian rupees (S$157.8 million).
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