Ascendas India Trust inks pact to buy two IT Park buildings in Hyderabad

Ascendas Property Fund Trustee, the trustee-manager of Ascendas India Trust has entered into a forward purchase agreement with Phoenix Ventures to acquire two buildings in Hyderabad with a combined leasable area of around 1.85 million sq ft. The total purchase consideration, inclusive of the construction funding, is not expected to exceed Rs 1,400 crore, Ascendas said in a statement. “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,” Sanjeev Dasgupta, CEO, the Trustee-Manager. The two buildings are in aVance Business Hub 2 located in HITEC City, Hyderabad. a-iTrustwill also provide construction funding to the co-developer entities of the two buildings as part of the agreement.