Axis Business Actual Property Fund buys 1.5-acre plot in Chennai’s Fintech Metropolis

Axis Asset Administration Firm Ltd (Axis AMC) and Tishman Speyer have introduced that Axis Business Actual Property Fund has acquired a 1.5-acre plot at Fintech Metropolis, Nandambakkam, Chennai.

The acquisition was made by a bid cum e-auction course of performed by the Tamil Nadu Industrial Improvement Company (TIDCO). The worth of the land was ₹50 crore per acre.

The Tamil Nadu authorities, by TIDCO, has envisioned Fintech Metropolis as a world-class infrastructure hub for the monetary know-how trade in Chennai, based on a press release.

The acquired 1.5-acre plot will likely be constructed right into a sustainable, round 4 lakh sq. foot Grade A workplace constructing throughout the subsequent three years. Tishman Speyer is the unique growth supervisor and can handle design, growth, leasing and property administration.

“Chennai funding is the epitome of the fund technique; whereby a transparent titled land parcel supported by single window clearance for approvals at a city-centric location has been acquired in a clear method by the fund,” mentioned Chetan Shah, Head – Actual Property, Axis AMC.

This Chennai deal marks the inaugural funding from the Axis Business Actual Property Fund, a Class II AIF that concluded its fundraising in June 2024 with a corpus of about ₹550 crore. The Fund employs a particular technique of collaborating within the growth section of business actual property tasks by a strategic alliance with Tishman Speyer. The fund’s focus is on investing primarily in early-stage or green-field business actual property tasks throughout eight key markets.

Sandeep Nanduri, MD, TIDCO expressed confidence that Axis AMC and Tishman Speyer’s world-class growth will entice main multinational firms, additional solidifying Chennai’s place as a worldwide fintech hub.