SINGAPORE (July 31): The trustee-manager of Ascendas India Trust (a-iTrust) has entered into a forward purchase agreement with vendor Phoenix Ventures to acquire two buildings, aVance A1 & A2, in aVance Business Hub 2, in HITEC City, Hyderabad.

As part of the agreement, Ascendas Property Fund Trustee says a-iTrust will provide construction funding to the co-developer entities of the two buildings which have a combined leasable area of 1.85 million sf.

aVance Business Hub 2 comprises seven buildings to be developed on 14.4 acres of land. In May, a-iTrust had entered into a master agreement with the vendor to acquire five out of the seven future buildings.

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