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Ascendas Property Fund Trustee Pte Ltd, the Trustee-Manager of Ascendas India Trust has completed the acquisition of aVance 3. It acquired the property for Rs 294 crore.
aVance 3 is a multi-tenanted IT building with total floor area of 682,900 sq ft. Located in aVance Business Hub in Hyderabad, aVance 3’s anchor tenants include multi-national corporations such as United Healthcare Group and ValueLabs. As at July 30, 2015, aVance 3 has attained a leasing commitment of 94 per cent.
Sanjeev Dasgupta, Chief Executive Officer in a statement said, “aVance 3 is a high quality addition to our portfolio and increases a-iTrust’s total floor area to 8.8 million sq ft. 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 had risen by 19 per cent year-on-year in the quarter ended June 2015. This acquisition will support our income growth going forward.”
aVance 3 is the third building that a-iTrust has acquired from the vendor, Phoenix Infocity Pvt Ltd. In February 2012, a-iTrust acquired aVance 1 & 2, totaling 427,700 sq ft.
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