Ascendas to acquire IT park for Rs 5.06 bn

Chennai: Ascendas Property Fund Trustee Pte. Ltd., in its capacity as trustee-nanager of Ascendas India Trust, announced that it 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 639,495 square feet for a gross consideration of approximately Rs 5.06 billion.

Approximately 98.3 per cent of aVance 6 is leased to a multi-national corporation, Amazon Development Center (India) Private Limited.


NT Bureau