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Sign in Sign up for a FREE subscriptionCPP Investments forms CRE JV in India
TATA Realty and Infrastructure and Canada Pension Plan Investment Board (CPP Investments) have formed a new joint venture to develop and own commercial office space across India. The joint venture will target stabilized and development assets, aiming to reach more than INR 50 billion (C$831 million/$658 million) in assets under management.
The joint venture will be seeded with two assets, the 4.6 million-square-foot Intellion Park Chennai and the 1.8 million-square-foot Intellion Edge Gurgaon, National Capital Region of Delhi, which now are owned and managed by TATA Realty and Infrastructure Limited. Intellion Park Chennai, one of India’s leading office parks, is a LEED platinum-rated asset occupied by leading domestic and international businesses.
The joint venture would also pursue class-A commercial developments in key gateway cities in India, with an equity allocation of INR 20 billion (C$333 million/$263 million). Cities under consideration include Mumbai, Delhi