Chennai: Axis Commercial Real Estate Fund has invested Rs 75 crore to acquire a 1.5-acre plot in Fintech City in Chennai. It is the first investment in the state-owned Tamil Nadu Industrial Development Corporation‘s (TIDCO) facility, which is being developed as an infrastructure hub for the financial technology industry at Nandambakkam.
The plot will be developed into a Grade A office building spread over four lakh sq ft within the next three years.
The acquisition was made through a bid cum e-auction process conducted by TIDCO, Axis Asset Management Company (Axis AMC) said in a statement here on Monday. It is one of the two plots up for auction in the Fintech City, it added.
The Fund is a partnership between Axis AMC and global real estate developer Tishman Speyer. The acquisition also marks the inaugural investment from the fund, a category II AIF that concluded its fundraising in June 2024 with a corpus of approximately Rs 550 crore. Tishman Speyer is the development manager, which will manage development, leasing and property management.
Sandeep Nanduri, MD, TIDCO said, “We are confident that the world-class development will attract leading multinational corporations, further solidifying Chennai’s position as a global fintech hub.” When contacted, he said, it is the first investment in the Fintech City.
Chetan Shah, head – real estate, Axis AMC said, Chennai investment is the epitome of the fund strategy. The fund is completely aligned and will seek to benefit from TIDCO’s strategy of the Fintech City, he added.
Parvesh Sharma, managing director and India Country head for Tishman Speyer said, “Chennai has emerged as an attractive location for multinational companies, including our customers within BFSI segments. We look forward to bringing our global expertise to this project.”
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