SINGAPORE (EDGEPROP) - Ascendas India Trust has entered into definitive agreements to acquire an Indian IT building in Hyderabad for $92.03 million. The proposed acquisition was announced by the fund’s trustee-manager, Ascendas Property Fund Trustee.
Ascendas India Trust was listed in Singapore on August 2007 as an Indian-focused property trust that aims to own income-producing real estate used primarily as business space in India. As of Dec 31 2020, the trust has total assets under management amounting to $2.1 billion.
Read more: Ascendas REIT to buy two office assets in San Francisco for $768 mil
The proposed acquisition relates to a building called aVance 6 at HITEC City in Hyderabad. It has a total floor area of 639,495 sq ft and 98.3% is currently leased to a multi-national corporation, Amazon Development Centre (India).
“The proposed acquisition provides Ascendas India Trust an opportunity to scale up our presence in HITEC City and will add Amazon as a tenant to our IT park portfolio,” says Sanjeev Dasgupta, chief executive officer of Ascendas Property Fund Trustee.