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Shriram Properties and Xander ink $350 million deal for Chennai SEZ

Kolkata, May 02 (UNI) Shriram Properties and Xander Group has signed
a $350 million (Rs 2290 cr) deal, thus creating one of the largest PE deals
witnessed in the real estate space in India.
With this deal, Xander acquires 100 per cent interest in Shriram’s
Gateway SEZ in Chennai for $190 million (Rs 1250 cr) with a further
commitment of $160 million (Rs 1040 cr) towards expansion of the IT
SEZ.
The deal involved 1.7 million square feet of occupied and operational
SEZ and a partnership with Shriram Properties to deliver the under
construction 1.9 million square feet.
Shriram Gateway is a 58-acre integrated township project including
office space, a shopping mall and residential apartments.
Shriram will continue to develop and own the residential and retail
components comprising 2.6 million square feet while Xander will
have the ability to develop an additional 1 million square feet of
office space.
“ This acquisition demonstrates our continued interest in large,
well-positioned assets with growth potential across gateway cities in
India, and nicely complements our existing office portfolio," said
Rohan Sikri, Senior Partner, The Xander Group.
He further added, “ We are pleased to be working with Shriram
Properties to expand our existing Chennai footprint. We see the
opportunity to deliver additional high-quality supply in a market
where vacancy is rapidly falling. As always, our team will be
focused on tenant experience and satisfaction, which is a high
priority across the portfolio. ”
Shriram Gateway is the first integrated township in Chennai comprising
a large office campus with 4.6 million square feet of SEZ and IT office
space. The campus currently provide employment for over 20,000
employees which will grow to an estimated 50,000 employees by 2020.
Accenture is currently the largest tenant.
“ The project offers a plethora of opportunities and is a source of
employment generation across various sectors in Tamil Nadu. The mixed
use, commercial cum residential project is a benchmark in the industry,
and we plan to develop many such projects across cities in India. We
are also delighted to join our hands with The Xander Group and enhance
our position as a leader in India’s real estate space.” said M. Murali,
Managing Director, Shriram Properties.
“ The project is strategically located near Tambaram and is very well
connected to both the city and suburbs. Further addition of residential,
office and retail space over the next 3 years will make it the most strategic
location to invest in Chennai, ” he further added.
This came at the back of the recent announcement by Shriram
Properties on their plans to invest Rs 15,000 crore over the next 7-8
years for the development of around 30 ongoing projects, across six
major cities - Chennai, Bengaluru, Hyderabad, Vizag, Coimbatore and
Kolkata.
Shriram Properties holds close to 2 per cent of the FDI in India, the
largest by a single developer. Their key investors include Walton Street,
Starwood capital, TPG Capital, Tata Opportunities Fund, ASK, Motilal
Oswal, Amplus and ICICI Prudential.
UNI SJC KK
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