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.
PTI