Ascendas India Trust acquires 'aVance 3' bldg for Rs 294 cr

Ascendas Property Fund Trustee Pte Ltd, a Singapore-based Trustee-Manager of Ascendas India Trust (iTrust), today said it has completed the acquisition of 'aVance 3' - a multi-tenanted IT building for Rs 294 crore (S$63 million).
'aVance 3' - the IT building with total floor area of 682,900 sq ft has anchor tenants, including multi-national corporations such as United Healthcare Group and ValueLabs.
The transaction was completed yesterday, Ascendas India Trust said in a statement.
AVance 3 is a high quality addition to its portfolio and increases a-iTrust's total floor area to 8.8 million sq ft, said Sanjeev Dasgupta, Chief Executive Officer, Acsendas India Trust.

"Acquiring aVance 3 deepens our presence in Hyderabad, a key gateway city for global companies looking to set up offshore IT operations. Our Singapore Dollar distribution per unit rose by 19 per cent year-on-year in the quarter ended June 2015. This acquisition will support our income growth going forward," Dasgupta said.
Ascendas India Trust's principal objective is to own income-producing real estate used primarily as business space in India. A-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion, its official website said.