Axis Commercial Real Estate Fund Invests in Chennai's Fintech City with Rs 75 Crore Plot Acquisition
The fund, a partnership between Axis AMC and Tishman Speyer, acquires 1.5-acre plot in Fintech City for Rs 75 crore, marking its inaugural investment in Tamil Nadu.
Axis Commercial Real Estate FundTishman SpeyerFintech CityChennaiTamil NaduReal Estate NewsAug 12, 2024
The acquisition marks the inaugural investment from the fund, which is a category II AIF that concluded its fundraising in June 2024 with a corpus of approximately Rs 550 crore. The fund focuses on investing primarily in early-stage or green-field commercial real estate projects for creating top-tier office spaces.
The fund is a partnership between Axis Asset Management Company (Axis AMC) and global real estate developer Tishman Speyer. Tishman Speyer will manage development, leasing, and property management for the project.
Sandeep Nanduri, MD, TIDCO, expressed his confidence in the project, stating that the world-class development will attract leading multinational corporations, further solidifying Chennai's position as a global fintech hub. Chetan Shah, head – real estate, Axis AMC, said that the fund is completely aligned with TIDCO's strategy for Fintech City.
Parvesh Sharma, managing director and country head for Tishman Speyer, highlighted Chennai's emergence as an attractive location for multinational companies, including those in the BFSI segments. He expressed his excitement about bringing Tishman Speyer's global expertise to this project.
Information
Axis Asset Management Company (Axis AMC) is a leading asset management company in India, offering a range of investment products and services to retail and institutional investors. Tishman Speyer is a global real estate developer with a presence in over 30 cities worldwide.
Tishman Speyer is a leading global real estate developer, owner, operator, and investment manager. With a portfolio of over 160 million square feet of office, residential, and retail space, the company has a strong presence in major cities worldwide.
Frequently Asked Questions
What is the amount invested by Axis Commercial Real Estate Fund in Fintech City?
Rs 75 crore
What is the size of the plot acquired by the fund?
1.5 acres
What is the expected completion time for the office building project?
Three years
Who is the development manager for the project?
Tishman Speyer
What is the total corpus of the Axis Commercial Real Estate Fund?
Approximately Rs 550 crore
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