The Fund has successfully acquired a prime plot in Fintech City, Nadambakkam, Chennai, through a bid cum e-auction process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO).

The Axis Commercial Real Estate Fund, a Category II AIF that concluded its fundraising in June 2024 with a corpus of approximately Rs 550 crore, is focused on investing in early-stage commercial real estate projects. This acquisition represents a key step in the Fund's strategy of developing high-quality office spaces in strategic locations.

The 1.5-acre plot will be transformed into a sustainable, around 4 lakh square foot Grade A office building within the next three years. Tishman Speyer, a global leader in real estate development, will handle the project’s design, development, leasing, and property management.

Chetan Shah, Head of Real Estate at Axis AMC, stated, “This acquisition in Chennai perfectly aligns with our Fund’s strategy. It involves a clear-titled land parcel and a streamlined approval process in a key city location. We are committed to supporting TIDCO’s vision for Fintech City and are excited about the prospects this project holds.”

The Chennai investment underscores Axis AMC’s commitment to enhancing its real estate portfolio with strategically selected assets and reinforces its position as a leading player in the commercial real estate sector.

If you want to share any updates, new product launches, new appointments, or any other information to be covered in the news section of PMSBazaar, write to us at research@pmsbazaar.com