Hyderabad: Ascendas Property Fund Trustee Pte Ltd, a Singapore-based trustee manager of Ascendas India Trust (iTrust), on Friday said it has completed the acquisition of ‘aVance 3’, a multi-tenanted IT building for Rs 294 crore (S$63 million).
The aVance 3 building , with total floor area of 682,900 square feet, has anchor tenants including multi-national corporations such as United Healthcare Group and ValueLabs.
The transaction was completed on Thursday, Ascendas India Trust said in a statement.
aVance 3 is a high quality addition to the company’s portfolio and increases a-iTrust’s total floor area to 8.8 million square feet, Acsendas India Trust chief executive Sanjeev Dasgupta said.
“Acquiring aVance 3 deepens our presence in Hyderabad, a key gateway city for global companies looking to set up offshore IT operations. Our Singapore Dollar distribution per unit rose by 19 per cent year-on-year in the quarter ended June 2015. This acquisition will support our income growth going forward,” Mr Dasgupta said.
Ascendas India Trust’s principal objective is to own income-producing real estate used primarily as business space in India. a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion, its official website said.