Axis Asset Management Company Ltd (Axis AMC) and Tishman Speyer have announced that Axis Commercial Real Estate Fund has acquired a 1.5-acre plot at Fintech City, Nandambakkam, Chennai.
The acquisition was made through a bid cum e-auction process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). The value of the land was ₹50 crore per acre.
The Tamil Nadu government, through TIDCO, has envisioned Fintech City as a world-class infrastructure hub for the financial technology industry in Chennai, according to a statement.
The acquired 1.5-acre plot will be built into a sustainable, around 4 lakh square foot Grade A office building within the next three years. Tishman Speyer is the exclusive development manager and will manage design, development, leasing and property management.
“Chennai investment is the epitome of the fund strategy; wherein a clear titled land parcel supported by single window clearance for approvals at a city-centric location has been acquired in a transparent manner by the fund,” said Chetan Shah, Head – Real Estate, Axis AMC.
This Chennai deal marks the inaugural investment from the Axis Commercial Real Estate Fund, a Category II AIF that concluded its fundraising in June 2024 with a corpus of about ₹550 crore. The Fund employs a distinctive strategy of participating in the development phase of commercial real estate projects through a strategic 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.
Sandeep Nanduri, MD, TIDCO expressed confidence that Axis AMC and Tishman Speyer’s world-class development will attract leading multinational corporations, further solidifying Chennai’s position as a global fintech hub.
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Published on August 13, 2024
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