Mumbai: Ascendas Property Fund Trustee, the trustee manager of Ascendas India Trust (a-iTrust) on Thursday said it will acquire two commercial buildings owned by Phoenix Infocity located in Hitec City in Hyderabad for a consideration of around Rs 1,350 crore.
“Ascendas property Fund Trustee has entered into a forward purchase agreement with Phoenix Infocity (together with related companies) to acquire two buildings, aVance 5 and 6, with a combined leasable area of 1.8 million sq ft, in aVance Business Hub,” the company said in a statement here.
For this acquisition, a-iTrust along with its affiliates will provide construction funding through inter-corporate deposits and debentures issued by the master developer amounting to Rs 887.40 crore. aVance Business Hub comprises 10 buildings with total leasable area of 4.6 million sq ft, of which nine buildings with 3.4 million sq ft have been completed and leased to leading IT companies the likes of HCL, Cognizant, IBM and Amazon.
“To date, a-iTrust has acquired four buildings aggregating to 1.5 million sq ft. The Trust also has a right of first refusal to acquire four other buildings totalling 1.2 million sq ft,” it said.
