This is presumably the largest corporate real estate deal in the city! Yes, Xander, the renowned global fund house is acquiring IT SEZ from Shriram Properties. The project is located at Perungulathur, Chennai. IT SEZ is purchased for $350 million equivalent to Rs 2300 crore. To note, SEZ is a part of The Gateway SEZ, an integrated development, notably the pioneer project on GST Road SEZ corridor.
This is made as a joint venture between Shriram Properties and SUN-Apollo which is leading realty investors in India. SUN-Apollo has now withdrawn completely. It was in 2006 that the land was bought from Standard Motors in an auction conducted by the court.
Sources aware of the deal state that Xander will completely acquire these assets. On the whole, it is to acquire 4.6 million sq. ft. To start with, Rs 1250 will be paid and balance of Rs 1050 crore commitment is to be done within 3 years period. Shriram properties will hold the residential and retail components. Only the SEZ office component is bought by Xander.
Reliable sources say 1.8 million sq ft. of the project is already ready and operational. The anchor tenant is IT services firm Accenture. This will acquire about 1.1 million sq ft. and make it as its primary campus in the country. In the coming years, Xander is likely to launch 1.9 million sq ft. projects.