Global investment firm Xander Group has signed a $350-million (Rs 2,290 crore) deal to acquire an SEZ owned by Shriram Properties, the property development arm of Chennai-based Shriram Group. Xander will be acquiring 100% in Shriram’s Gateway SEZ in Chennai for $190 million (Rs 1,250 crore) with a further commitment of $160 million (Rs 1,040 crore) towards expansion of the IT SEZ. It involves 1.7 million sq ft of occupied and operational SEZ, and a partnership with Shriram Properties to deliver the under construction 1.9 million 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 million sq ft while Xander will have the ability to develop an additional 1 million square feet of office space.
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Rohan Sikri, senior partner, the Xander Group, said: “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.” This comes at the back of the recent announcement by Shriram Properties on their plans to invest Rs 15,000 crore over the next 7-8 years for the development of around 30 ongoing projects, across six major cities – Chennai, Bengaluru, Hyderabad, Vizag, Coimbatore and Kolkata.
Shriram Properties’ key investors include Walton Street, Starwood capital, TPG Capital, Tata Opportunities Fund, ASK, Motilal Oswal, Amplus and ICICI Prudential. The company has raised till date, PE investments of about
$ 460 million, from investors.