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1Amount translated into Singapore Dollars using spot exchange rate at the time of investment.
Building Floor area (million sq ft) Status
a-iTrust Properties aVance 1 0.23 Acquired
aVance 2 0.19 Acquired
Total 0.42 -
Right to acquire aVance 3 0.69 Completed
aVance 4 0.40 Under construction
aVance 5 0.85 Not built
Total 1.94 -
Right of frst refusal aVance 6 0.23 Completed
to acquire aVance 7 0.30 Completed
aVance 8 0.20 Completed
aVance 9 0.43 Not built
Total 1.16 -
The aVance Business Hub pipeline
is a unique deal which allows
a-iTrust to buy newly constructed
properties with minimal development
and leasing risk. Our agreement
with Phoenix Infocity Pvt Ltd (the
“Vendor”) gives us the right to
acquire fve buildings individually
as and when they are completed.
The buildings are part of an IT Park
located in Hyderabad named aVance
Business Hub.
In February 2012, we acquired
aVance 1 & 2 for ࡩ1,765m (S$45m1)
from the Vendor. These two buildings
have a total foor area of 0.42 million
sq ft, and were fully occupied at the
point of acquisition. In June 2013, the
Vendor completed the construction
of a 0.69 million sq ft building named
aVance 3. As part of our agreement,
we invested ࡩ1,750m (S$40m 1) in
March 2013 and ࡩ420m (S$8.6m1) in
January 2014 after the Vendor met
pre-specifed leasing milestones
for aVance 3. As at 31 March 2014,
the building was 69% leased. We
intend to buy over aVance 3 once it is
substantially leased. Besides aVance
3, we have rights to acquire two
other buildings to be constructed by
the Vendor totaling 1.25 million sq ft.
aVance Business Hub pipeline
In addition to the agreement with the
Vendor, a-iTrust was granted a ROFR
to acquire four other buildings within
aVance Business Hub. These four
buildings totaling 1.16 million sq ft
are owned by a separate party to
the Vendor.
To ensure that new buildings built by
the Vendor meet our requirements,
a-iTrust and the Vendor has set up
a project committee to oversee the
design and development of new
buildings. Lastly, a-iTrust has the
rights (through its appointed property
manager) to manage buildings not
owned by it to maintain the standard
that our customers have come to
expect across the entire IT Park.
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