Chennai: Axis-Tishman Speyer secures plot in Fintech city at Rs 75 crore
CHENNAI: One of the vacant plots of Tamil Nadu Industrial Development Corporation (TIDCO) was e-auctioned to Axis Commercial Real Estate Fund for around Rs 75 crore.
Axis Commercial Real Estate Fund, a partnership between Axis Asset Management Company Limited (Axis AMC) and real estate developer Tishman Speyer, has acquired the 1.5-acre land parcel in Fintech City which will be transformed into a sustainable, around 4 lakh square foot Grade A office building within the next three years, the company said in a statement. Tishman Speyer will oversee design, development, leasing and property management.
Chetan Shah, Head of 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 the city-centric location has been acquired transparently by the partnership. The fund is completely aligned and will seek to benefit from TIDCO’s vision and strategy of the Fintech City.”
The group’s focus is on investing in early-stage or green-field commercial real estate projects, to create top-tier office spaces to attract tenants. Two adjacent land parcels, totalling 3 acres, in the master-planned development of Fintech City’s South Phase is proposed to be used for the development of GCCs. Fintech City, spanning 111.4 acres, represents a strategic investment of 12,000 crore to create 150,000 jobs upon full operation.