National, February 17, 2021: The Agreements were executed with the shareholders of Phoenix IT Infrastructure India Private Limited to acquire an IT SEZ building with a total floor area of approximately 6,39,495 square feet
Ascendas Property Fund Trustee Pte. Limited., in its capacity as Trustee-Manager of Ascendas India Trust, has entered into definitive agreements for the proposed acquisition of aVance 6 at HITEC City, Hyderabad.
The Agreements were executed with the shareholders of Phoenix IT Infrastructure India Private Limited to acquire an IT SEZ building with a total floor area of approximately 6,39,495 square feet for a gross consideration of approximately ₹5.06 billion . Approximately 98.3 per cent of aVance 6 is leased to a multi-national corporation, Amazon Development Center (India) Private Limited.
The proposed acquisition will be the fifth building acquired by a-iTrust from the Phoenix Group. In February 2012, a-iTrust acquired aVance 1 & 2, totaling 4,27,700 square feet, in July 2015, a-iTrust acquired aVance 3, totaling 6,82,900 square feet and in April 2017, a-iTrust acquired aVance 4, totaling 3,90,000 square feet. aVance 5 is currently under construction according to the reports published in thehindubusinessline.com.
Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager in a statement said, “The proposed acquisition provides a-iTrust an opportunity to scale up our presence in HITEC City and will add Amazon as a tenant to our IT park portfolio. The improving connectivity and enhancement work being carried out at aVance, HITEC City, Hyderabad would benefit our tenants in the future. We have already started seeing some leasing traction, with a large US based MNC having executed a Letter of Intent to lease aVance 5.”
Located in HITEC City, Hyderabad, aVance 6 is a fully operational and tenanted IT Special Economic Zone building with a total area of approximately 0.64 million sqft.