Xander Group, an institutional investment firm, has signed to purchase Gateway SEZ in Chennai for about $190 million from Shriram Properties. This will be one of largest private equity buyout so far in Indian realty sector.
This long-pending transaction deal includes 1.7 million square feet of occupied and operational special economic zone and the delivery of under-construction 1.9 million sq. ft. office space in partnership with Shriram Properties. Xander Group will invest another $160 million to expand commercial component of Gateway SEZ.
Apart from this, the company has been committed to develop office spaces through SEZ worth $2.3 billion across Delhi-NCR, Bengaluru, Pune, Mumbai and Hyderabad. Shriram Properties is busy developing several projects across residential and retail sector comprising 2.6 million sq. ft.
“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,” says Rohan Sikri, Senior Partner, Xander Group.
Source: ET Realty