NEW DELHI: AAscendas India Trust (a-iTrust), which is part of Singapore’s Ascendas Singbridge, said that it has signed an agreement with Phoenix Ventures to acquire two buildings in Hyderabad for up to ₹1,400 crore.
Under agreement, the company will acquire two buildings, A1 and A2, in aVance Business Hub 2, located in HITEC City. The combined leasable area of the two buildings stand at 1.85 million sq. ft .
Sanjeev Dasgupta, Chief Executive Officer of the Trustee-Manager said, “The proposed acquisition of aVance A1 & A2 will allow us to further strengthen our presence in Hyderabad, which is currently witnessing robust rental growth arising from healthy demand from global IT companies. The location within the city’s prime IT Corridor in in Hi-Tec City is contiguous to aVance Business Hub where we own 1.501 million square feet. This would help our tenants to gain economies of scale while offering their employees access to transportation and proximity to retail and residential hubs.”