Ascendas buys IT building in Hyderabad

Singapore Stock Exchange listed Ascendas India Trust today said it has bought out an under construction office building in Hyderabad.

Ascendas has bought a property Avance 4, a building with a total floor area of 390,000 sq ft in Hitec City in Hyderabad from real estate developer Phoenix Infocity.

Though Ascendas has not disclosed the purchase value, market experts said it could be around Rs 200 crore given that the capital values hover around Rs 5,000 a square feet.

Ascendas has acquired the earlier buildings Avance 1,2 and 3. Last year, it bought Avance 3 for Rs 294 crore.

Upon completion of this acquisition, a-iTrust will own 3.2 million sq ft of commercial space in Hyderabad spread across aVance Business Hub, The V and CyberPearl, Ascendas said today.

Headquartered in Singapore, Ascendas-Singbridge group has three listed entities- - Ascendas REIT, Ascendas India Trust and Ascendas Hospitality Trust. The group has projects in 29 cities across 10 countries in Asia, including Australia, China, India, Indonesia, Singapore and South Korea.