Axis Commercial Real Estate Fund Invests ₹75 Crore in Fintech City, Chennai
Axis Commercial Real Estate Fund acquires 1.5-acre plot in Fintech City, Chennai, for ₹75 crore, marking its first investment in the state-owned Tamil Nadu Industrial Development Corporation's facility.
Axis Commercial Real Estate FundFintech CityChennaiTamil Nadu Industrial Development CorporationTishman SpeyerReal EstateAug 12, 2024
The acquisition was made through a bid cum e-auction process conducted by TIDCO, Axis Asset Management Company (Axis AMC) said in a statement. It is one of the two plots up for auction in the Fintech City.
The Fund is a partnership between Axis AMC and global real estate developer Tishman Speyer. The acquisition also marks the inaugural investment from the fund, a category II AIF that concluded its fundraising in June 2024 with a corpus of approximately ₹550 crore. Tishman Speyer is the development manager, which will manage development, leasing and property management.
Sandeep Nanduri, MD, TIDCO said, “We are confident that the world-class development will attract leading multinational corporations, further solidifying Chennai’s position as a global fintech hub.” When contacted, he said, it is the first investment in the Fintech City.
Chetan Shah, head – real estate, Axis AMC said, Chennai investment is the epitome of the fund strategy. The fund is completely aligned and will seek to benefit from TIDCO’s strategy of the Fintech City, he added.
Parvesh Sharma, managing director and India Country head for Tishman Speyer said, “Chennai has emerged as an attractive location for multinational companies, including our customers within BFSI segments. We look forward to bringing our global expertise to this project.”
Information
TIDCO is a state-owned organization that aims to promote industrial development in Tamil Nadu. Fintech City is a facility being developed as an infrastructure hub for the financial technology industry at Nandambakkam.Axis Asset Management Company (Axis AMC) is a leading asset management company in India. Tishman Speyer is a global real estate developer with a presence in several countries.
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