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Ascendas India Trust buys Amazon-leased office in India for $69m
Transactions - FEBRUARY 16, 2021

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Ascendas India Trust buys Amazon-leased office in India for $69m

by Andrea Zander

Ascendas India Trust (a-iTrust) has entered into definitive agreements for the proposed acquisition of aVance 6 at HITEC City, Hyderabad.

The agreements were executed with the shareholders of Phoenix IT Infrastructure India Private Limited to acquire an IT SEZ building with a total floor area of approximately 639,495 square feet for a gross consideration of approximately INR 5.06 billion ($69.39 million). Approximately 98.3 percent of aVance 6 is leased to Amazon Development Center (India) Private Limited.

Sanjeev Dasgupta, CEO of the trustee-manager, said, “The proposed acquisition provides a-iTrust an opportunity to scale up our presence in HITEC City and will add Amazon as a tenant to our IT park portfolio. The improving connectivity and enhancement work being carried out at aVance, HITEC City, Hyderabad, would benefit our tenants in the future. We have already started seeing some leasing traction, with a large U.S.-based MNC having executed a letter of intent to

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