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Business EconomyPosted at: May 2 2017 12:50PM


Shriram Properties, Xander sign Rs 2290 Cr deal for Chennai SEZ

Bengaluru, May 2 (UNI) Shriram Properties and Xander Group, a global
investment firm, have signed a Rs 2290 Crore deal which allows
Xander acquire 100 per cent interest in Shriram’s Gateway SEZ in
Chennai for Rs 1250 Crore with a further commitment of Rs 1040 Crore
towards expansion of the IT SEZ.
According to a release here today the deal involves 1.7 mn sq ft
of occupied and operational SEZ, and a partnership with Shriram
Properties to deliver the under construction 1.9 mn sq ft.
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 mn sq ft while Xander will have the
ability to develop an additional One mn sq ft of office space.
Commenting on the deal, the Xander Group Senior Partner Tohan
Sikri said that "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."
UNI MSP RS CS 1250
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Tags: #Shriram Properties# Xander sign Rs 2290 Cr deal for Chennai SEZ
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