Axis AMC has made its first investment in real estate. Started first project with American real estate company. This project is to build an office in Fintech City, Chennai.
New Delhi. Axis Asset Management Company Limited (Axis AMC) and American real estate company Tishman Speyer have said that Axis Commercial Real Estate Fund (Fund) will build world-class offices in Fintech City located at Nadambakkam, Chennai. For this, the company has acquired two plots. This land has been sold by Tamil Nadu Industrial Development Corporation (TIDCO). The aim of the Tamil Nadu government is to develop Fintech City as a center of world-class infrastructure here.
Axis Commercial Real Estate Fund II is the first investment from the AIF category, which completed its fund raising in June 2024 with a corpus of around Rs 550 crore. The fund is primarily focused on investing in early-stage or green-field commercial real estate projects across eight key markets, with the aim of creating top-class offices to attract large tenants.
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The office will be of 4 lakh sqft
The 1.5 acre plot acquired in Chennai will be converted into a Grade A office building of about 4 lakh sq ft in the next three years. Tishman Speyer is the exclusive development manager and will handle the design, development, leasing and property management. Axis AMC’s real estate head Chetan Shah said the investment in Chennai is a fund strategy that is being done by the fund in a transparent manner by securing single window clearance and clear title land parcels in the best locations in the city.
what did the government say
TIDCO MD Sandeep Nanduri said that our vision for FinTech City is to create a dynamic ecosystem that promotes innovation and growth in the financial technology sector. We are confident that the world-class development of Axis AMC and Tishman Speyer will attract leading multinational companies. Parvesh Sharma, Managing Director and Country Head of India, Tishman Speyer said that we are very excited about the first investment of Axis CRE Fund and to be a part of it.
Tags: Business news, Infrastructure Projects, Real Estate
FIRST PUBLISHED : August 15, 2024, 18:17 IST