Singapore-listed Ascendas India Trust will buy the fifth building from developer Phoenix Group in HITEC City, Hyderabad.
The first Indian property trust in Asia will buy the infotech special economic zone building for Rs 506 crore (about $70 million).
Called aVance 6, the building has a total floor area of about 639,495 square feet with around 98.3% of space leased to Amazon Development Center (India) Private Limited.
Ascendas India Trust acquired the first two buildings in February 2012 and the next two in July 2015 and April 2017.
It was listed on the Singapore exchange in August 2007, its principal objective being to own income-producing real estate used primarily as business space in India.
As at 31 December 2020, Ascendas India Trust’s asset under management stood at S$2.1 billion. Its portfolio comprises seven infotech business parks and one logistics park in India.
The trust is managed by Ascendas Property Fund Trustee Pte. Ltd, a wholly owned subsidiary of Singapore-listed CapitaLand, one of Asia’s largest diversified real estate groups.