Axis-Tishman Speyer's Real Estate Fund Acquires 1.5 Acre Land in Chennai Fintech City
Axis Commercial Real Estate Fund acquires 1.5 acre land parcel in Chennai Fintech City to develop 4 lakh sq ft Grade A office building.
Real EstateCommercial Real EstateAxis AmcTishman SpeyerChennai Fintech CityReal Estate NewsAug 12, 2024
The acquisition was made through a bid cum e-auction process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). Chennai has emerged as an attractive location for multinational companies, including customers within BFSI segments.
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.”
Parvesh Sharma, Managing Director and India Country Head for Tishman Speyer, added, “We look forward to bringing our global expertise to this project.” Tishman Speyer is the development manager and will oversee design, development, leasing, and property management.
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.
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 leading asset management company in India, offering a range of investment products and services. Tishman Speyer is a global developer, owner, and operator of real estate, with a portfolio of over 160 million square feet of office, residential, and retail properties across the United States, Europe, Latin America, and Asia.
Axis Asset Management Company Limited (Axis AMC) is a subsidiary of Axis Bank Limited, one of India's largest private sector banks. Tishman Speyer is a global real estate developer, owner, and operator with a presence in over 30 cities worldwide.
Frequently Asked Questions
What is the size of the land parcel acquired by Axis Commercial Real Estate Fund in Chennai Fintech City?
1.5 acres
What is the planned development on the acquired land parcel?
A 4 lakh square feet Grade A office building
Who is the development manager for the project?
Tishman Speyer
What is the corpus of the Axis Commercial Real Estate Fund?
Approximately ₹550 crore
What is the focus of the Axis Commercial Real Estate Fund?
Investing primarily in early-stage or green-field commercial real estate projects across eight key markets
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