Built and leased, ‘Grade A’ office asset, located on OMR, Chennai’s IT corridor
Chennai: The Real Estate Private Equity arm of the global investment firm, The Xander Group Inc., has completed the buy-out of a ‘Grade A’ office park in Chennai for $US 40 million from Appaswamy Real Estates Limited. The office park is extremely well located on the OMR (Old Mahabalipuram Road), with excellent visibility, easy access and substantial frontage. The investment, financed through a judicious mix of debt and equity, adds to Xander’s growing portfolio of income generating assets in India.
Futura consists of ~570,000 square feet of constructed office space in two towers in a campus style development spread over 6 acres. Located at the heart of the OMR IT corridor, less than 1 Km away from the Sholinganallur Junction, Futura features top of the line specifications in terms of services, security, equipment and aesthetics. The office park is leased to high quality multinational tenants, including Paypal (a subsidiary of eBay) and Gamesa Wind Turbines among others. Leveraging its extensive global relationships, Xander is in advanced talks to lease the remaining space to other multinational and high quality Indian corporations.
“This transaction is in line with our strategy to build a portfolio of well-located, income yielding Indian assets. The purchase highlights Xander’s ability to identify and acquire quality assets at attractive prices, and increase underlying value through a combination of extensive asset management and a stable tenant-institutional landlord relationship”, said Rohan Sikri, Partner at Xander Investment Management Pte. Ltd., Singapore, whose team led the transaction.