[ecis2016.org] Realty player Shriram Properties has announced that it has signed a USD 350 million (Rs 2,290 crore) deal with Xander Group, making it the largest private equity deal in the real estate space
Xander Group, on May 2, 2017, signed a deal with Shriram Properties, to acquire 100 per cent stake in Shriram’s Gateway SEZ in Chennai, for USD 190 million (Rs 1,250 crores), with a further commitment of USD 160 million (Rs 1,040 crores) towards expansion of the IT SEZ. The deal involves 1.7 million sq ft of occupied and operational SEZ and a partnership with Shriram Properties to deliver 1.9 million sq ft under construction, Shriram Properties said, in a statement.
You are reading: Shriram Properties, Xander enter into USD 350 million deal
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“This acquisition demonstrates our continued interest in large, well-positioned assets, with growth potential across gateway cities in India and complements our existing office portfolio,” said Rohan Sikri, senior partner, Xander Group. He further said that with this deal, Xander is expanding its existing Chennai footprint. “We see the opportunity to deliver additional high-quality supply in a market where vacancy is rapidly falling,” Sikri added.
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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 sq ft, while Xander will have the ability to develop an additional 1 million sq ft of office space, it said.
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“The project offers a plethora of opportunities and is a source of employment generation across various sectors in Tamil Nadu. We plan to develop many such mixed-use development projects, across cities in India. With this association, we will be able to enhance our position as a leader in the real estate space,” managing director of Shriram Properties, M Murali said.
The realty player had recently announced its plans to invest Rs 15,000 crores over the next 7-8 years, for the development of around 30 ongoing projects, across six major cities – Chennai, Bengaluru, Hyderabad, Visakhapatnam, Coimbatore and Kolkata.
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