May 2 2017 | India Opportunities
Shriram Properties and Xander signs $350 million deal
Shriram Properties and Xander Group signed a $350 million (~INR 2290 cr.) deal. Xander acquires 100% interest in Shriram’s Gateway SEZ in Chennai for $190 million (~INR 1250 cr.), with a further commitment of $160 million (~INR 1040 cr.) towards expansion of the IT SEZ. The deal involves 1.7 million square feet of occupied and operational SEZ, and a partnership with Shriram Properties to deliver the under construction 1.9 million square feet.
Shriram Gateway, is a 58-acre integrated township project located near Tambaram comprising office space, a shopping mall and residential apartments. With this deal, 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.
“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," said Rohan Sikri, Senior Partner, The Xander Group.