Tishman Speyer, one of the largest real estate companies in the United States, has planned to build a high-tech office in the country’s Fintech City in collaboration with Axis Asset Management Company Limited (Axis AMC). For this, Axis Commercial Real Estate Fund (Fund) has also acquired two plots of land at auction in Fintech City, Nadambakkam, Chennai. This acquisition was made through a bidding and auction process conducted by Tamil Nadu Industrial Development Corporation (TIDCO). The Government of Tamil Nadu, through the Tamil Nadu Industrial Development Corporation, has envisioned Fintech City as a world-class infrastructure hub for the Fintech industry in Chennai.
This is the first investment by Axis Commercial Real Estate Fund in Category II AIF. The company completed its fundraising programme of approximately Rs 550 crore in June 2024. Axis Commercial Real Estate Fund will deploy the money in commercial real estate projects in collaboration with global developer Tishman Speyer. The fund primarily focuses on investing in early-stage or greenfield commercial real estate projects in eight key markets, with an aim to create world-class office spaces to attract large tenants.
A wonderful office will be built in three years
The 1.5 acre land acquired in Chennai will be developed into a Grade A office building of about 4 lakh sq ft over the next three years. Tishman Speyer is the exclusive development director and will manage the design, development, leasing and ownership. Giving information, Chetan Shah, Head – Real Estate, Axis AMC said that the investment made in Chennai is a fund strategy which has been acquired by the fund in a transparent manner with single window clearance and land parcels with clear titles in prime locations in the city. The fund is fully aligned and will look to benefit from TIDCO’s vision and strategy for Fintech City.
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The aim is to make Chennai a global fintech hub.
Parvesh Sharma, Managing Director and Country Head, India, Tishman Spear, said, “We are very excited about the first investment from Axis CRE Fund and to be a part of it. Chennai has emerged as an attractive location for multinational companies, including our clients in the BFSI segment. We look forward to bringing our global expertise to bear on this project.” On the other hand, TIDCO Managing Director Sandeep Nanduri said, “Our vision for Fintech City is to create a vibrant ecosystem that promotes innovation and growth in the Fintech sector. He is confident that the world-class development by Axis AMC and Tishman Spear will attract the world’s largest multinational companies, thereby further strengthening Chennai’s position as a global fintech hub.”
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