Axis Commercial Real Estate Fund, a strategic partnership between Axis Asset Management Co and global real estate developer, owner, and operator Tishman Speyer, has acquired a 1.5-acre land parcel at Fintech City in Chennai’s Nandambakkam.
The fund has acquired the land parcel through a bid cum e-auction process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). The Tamil Nadu government, through TIDCO, has envisioned Fintech City as a world-class infrastructure hub for the financial technology industry in Chennai.
“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. The fund is completely aligned and will seek to benefit from TIDCO’s vision and strategy of the Fintech City,” said Chetan Shah, Head – Real Estate, Axis AMC.
This marks the maiden investment from the Axis Commercial Real Estate Fund, a category II AIF that concluded its fundraising in June with a corpus of around Rs 550 crore.
“We are excited to take part in Axis CRE Fund’s first investment and development. Chennai has emerged as an attractive location for multinational companies, including our customers within BFSI segments,” said Parvesh Sharma, MD and India Country Head for Tishman Speyer.
Axis Commercial Real Estate Fund is planning to develop the acquired land parcel as a sustainable, around 4 lakh sq ft 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.“Our vision for Fintech City is to create a dynamic ecosystem that fosters innovation and growth in the financial technology sector. We are confident 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,” said Sandeep Nanduri, MD, TIDCO.The fund’s strategy involves participating in the development phase of commercial real estate projects through a strategic alliance with Tishman Speyer. It will focus 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.
The joint investment and development platform is looking to take advantage of robust demand for office space, substantial growth seen in global capability centres (GCCs) and the flight to quality phenomenon observed amongst the leading occupiers.
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