IT SEZ building in Hitec City set to change hands for ₹506 crore

Ascendas Property Fund Trustee Pte on Tuesday said as Trustee-Manager of Ascendas India Trust it has entered into definitive agreements to acquire an IT SEZ building ‘aVance 6’ in Hitec City from the Phoenix Group for ₹ 506 crore. The building has a floor area of around 6,39,495 square feet. Over 98% of aVance 6 has been leased by Amazon Development Center (India). A statement from Ascendas said the definitive agreements, for the proposed acquisition, were executed with the shareholders of Phoenix IT Infrastructure India, the vendor, for a “gross consideration of approximately ₹5.06 billion (Singapore dollar 92.03 million).”