Artist's impression of the BlueRidge Phase II of Ascendas India Trust. (Photo: Ascendas India Trust)

Ascendas India Trust has entered into separate forward purchase agreements to acquire two buildings in aVance Business Hub, and five properties in aVance Business Hub 2.

All seven properties are located in the Telangana state’s capital city of Hyderabad.

aVance Business Hub is a cluster of 10 properties with total leasable area of 4.6 million square feet.

Nine of these, which collectively feature 3.4 million square feet of leasable area, are completed and leased to IT companies including IBM and Amazon.

To date, Ascendas India Trust has acquired four buildings in this cluster, with a right of refusal (ROFR) for four more properties, in addition to the two buildings in the forward purchase agreement.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.