‘The joint venture will target stabilized assets and development assets and aim to reach in excess of £5,000m in assets under management’
‘The joint venture will target stabilized assets and development assets and aim to reach in excess of £5,000m in assets under management’
Tata Realty and Infrastructure Ltd. and the Canada Pension Plan Investment Board (CPP Investments) have announced a new joint venture to develop and own commercial office space across India.
The joint venture will focus on stabilized assets and development facilities and will aim to achieve more than ₹5,000 crore (C$800 million) in assets under management. The JV will have two assets, Intellion Park Chennai (Gross Leasable Area). [GLA] 4.6 million square feet) and Intellion Edge Gurgaon, National Capital Region of Delhi (GLA 1.8 million square feet), currently owned by Tata Realty and Infrastructure Ltd. are located and managed by them.
The joint venture would also pursue Class A commercial developments in key gateway cities in India with an equity allocation of ₹2,000 crore (C$333 million).
Eligible cities include Mumbai, Delhi, Pune, Bengaluru, Hyderabad and Chennai. Sanjay Dutt, MD & CEO, Tata Realty and Infrastructure Ltd., said: “With CPP Investments as a strategic, long-term partner, the vision of this joint venture is to provide world-class, sustainable office space solutions to a diverse range of companies.”
“This will open up new business opportunities and enable us to accelerate our current growth,” he added.
Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments said: “This new relationship provides an excellent avenue to explore opportunities in the rapidly growing commercial real estate sector.”
“This is an important step in expanding CPP Investments’ relationships with market leaders to deliver solid long-term adjusted risk-adjusted returns for CPP contributors and beneficiaries,” he said.
