Axis Commercial Real Estate Fund, a collaboration between Axis Asset Management and renowned global real estate developer Tishman Speyer, has successfully acquired a 1.5-acre plot in Chennai’s rapidly developing Fintech City. This strategic acquisition, valued at ₹50 crore per acre, was completed through a competitive bid and e-auction process organized by the Tamil Nadu Industrial Development Corporation (TIDCO), according to a report by Financial Express.
The plot, located in Nandambakkam, is a key piece in the Tamil Nadu government’s ambitious plan to establish a Fintech City. This initiative is designed to attract ₹12,000 crore in investments and create approximately 80,000 jobs, positioning Chennai as a hub for financial technology innovation and business.
The newly acquired land will be developed into a sustainable, Grade A office building spanning around 4 lakh square feet. The development is expected to be completed within the next three years. Tishman Speyer, serving as the exclusive development manager, will oversee all aspects of the project, including design, development, leasing, and property management, ensuring that the building meets the highest standards of quality and sustainability.
Axis Commercial Real Estate Fund, categorized as a Category II Alternative Investment Fund (AIF), boasts a corpus of approximately ₹550 crore. The fund is dedicated to investing in early-stage commercial real estate projects, with a particular focus on high-quality office spaces across eight key markets in India.
By partnering with Tishman Speyer, Axis Commercial Real Estate Fund aims to attract top-tier tenants and establish itself as a leader in the Indian commercial real estate sector.