Axis-Tishman Speyer's Commercial Real Estate Fund Acquires 1.5 Acre Land Parcel in Chennai's Fintech City
Axis Commercial Real Estate Fund, a partnership between Axis Asset Management Company Limited and real estate developer Tishman Speyer, has acquired a 1.5-acre land parcel in Chennai's Fintech City.
Commercial Real EstateAxistishman SpeyerChennai Fintech CityAlternative Investment FundReal Estate DevelopmentReal EstateAug 12, 2024
The acquisition was made through a bid cum e-auction process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). Chetan Shah, Head – Real Estate, Axis AMC, said, “Chennai investment is the epitome of the fund strategy; wherein a clear titled land parcel supported by single window clearance for approvals at city centric location has been acquired in a transparent manner by the fund.”
Tishman Speyer is the development manager and will oversee design, development, leasing, and property management. 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.”
This marks the inaugural investment from Axis Commercial Real Estate Fund, a Category II Alternative Investment Fund that concluded its fundraising in June 2024 with a corpus of approximately ₹550 crore. The Fund employs a strategy of participating in the development phase of commercial real estate projects through an alliance with Tishman Speyer, a global developer, owner, and operator of real estate.
The fund's focus is on investing primarily in early-stage or green-field commercial real estate projects across eight key markets, with the goal of creating top-tier office spaces to attract leading tenants.
Information
Axis Asset Management Company Limited (Axis AMC) is a subsidiary of Axis Bank, one of India's largest private sector banks. Axis AMC is a leading player in the Indian asset management industry, offering a range of investment products and services to retail and institutional investors.
Tishman Speyer is a global developer, owner, and operator of real estate, with a portfolio of over 167 million square feet of office, residential, and retail properties across the United States, Europe, Latin America, and Asia.
Axis Commercial Real Estate Fund is a Category II Alternative Investment Fund that invests in commercial real estate projects in India. The fund is a partnership between Axis Asset Management Company Limited and Tishman Speyer, a global developer, owner, and operator of real estate.
Frequently Asked Questions
What is the size of the land parcel acquired by Axis Commercial Real Estate Fund in Chennai's Fintech City?
The land parcel is 1.5 acres.
What is the planned development on the acquired land parcel?
The 1.5-acre plot will be developed into a 4 lakh square feet Grade A office building within the next three years.
Who is the development manager for the project?
Tishman Speyer is the development manager and will oversee design, development, leasing, and property management.
What is the corpus of Axis Commercial Real Estate Fund?
The fund has a corpus of approximately ₹550 crore.
What is the focus of Axis Commercial Real Estate Fund?
The fund's focus is on investing primarily in early-stage or green-field commercial real estate projects across eight key markets, with the goal of creating top-tier office spaces to attract leading tenants.
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