a-iTrust completes acquisition of Hyderabad buildings

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Ascendas India Trust (a-iTrust) announced that it has completed the acquisition of two buildings in Hitec City 2 Special Economic Zone in Hyderabad, India.

The trust purchased the operationally and fully occupied buildings with a total area of around 427,651 sq ft from Phoenix Infocity Pvt Ltd for 1.77 billion Indian rupees (S$45.07 million).

Ascendas Property Fund Trustee Pte Ltd, the manager of the trust, said the acquisition was funded through bank borrowings.

It added that the trust plans to acquire three more future buildings measuring 1.75 million sq ft upon completion, and subject to required occupancy levels being met.

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