Tata Realty, CPPIB to establish Rs 2,000 cr property platform

25 Jun 2021 CW Team

Canada Pension Plan Investment Board (CPPIB) and Tata Realty and Infrastructure are in advanced talks to establish a 2,000-crore commercial property development platform in India.

CPP Investments, which manages CPPIB's investments, and the Tata Group's company are expected to invest a total of Rs 1,000 crore in this joint development company.

Tata Realty's investment will be in the form of a 49% stake in two of its marquee information technology special economic zones (SEZ) parks to be offered to the proposed platform, whereas CPPIB's contribution will be a direct investment of Rs 1,000 crore.

Intellion Park Chennai, formerly known as Ramanujan IT City, and Intellion Park on Golf Course Extension in Gurugram are expected to be the two SEZs.

The Chennai property is a fully integrated IT city spread across a 25.27-acre campus with 4.5 million sq ft of fully leased office space spread across six towers. The Gurugram property is a new IT SEZ with 3.5 million sq ft of office space spread across six towers on a 25.24-acre site.

Despite the noise around hybrid and work-from-home models in the context of the ongoing Covid-19 pandemic, their proposed alliance indicates an unabated appetite among global institutional investors for office properties in India.

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