Xander buys $350m India project
Bengaluru-based Shriram Properties and Singapore’s Xander Group have signed a $350 million deal facilitating the latter to acquire 100 percent interest in Shriram’s Gateway SEZ in Chennai.
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.
The sales price for Shriram’s Gateway is $190 million. And the deal facilitates a further commitment of $160 million towards expansion of the IT SEZ.
Shriram Gateway is a 58-acre integrated township project, which comprises office space, a shopping mall and residential apartments.
Shriram will continue to develop and own the residential and retail components comprising 2.6 million square feet, while Xander will have the ability to develop an additional one million square feet of office space, Shriram Properties said.
Shriram Gateway is the first integrated township in Chennai comprising a large office campus with 4.6 million square feet of SEZ and IT office space.
The campus at present provides employment to over 20,000 people and this is expected to grow to an estimated 50,000 employees by 2020. Accenture is currently the largest tenant.
