Assetmonk acquires 90,000 sq ft comm. space in Tidel Park

An alternative real estate investment platform called Assetmonk has purchased about 90,000 square feet of office space in Taramani, Chennai's Tidel Park, which is a commercial office building with an estimated value of Rs 89 crore. Around 250 Fortune US firms are tenants on the newly purchased level of Tidel Park's 1.2 million square foot IT park, providing an average rental yield of more than 10.6%. "The inclusion of the exceptional commercial asset at Tidel Park to our portfolio is a deliberate move in our long-term strategy, aimed at identifying special and high-potential investment opportunities for seasoned investors," said the seller, a Mumbai-based seller of the asset, which is aiming for an IRR of 16.5% over a 5- to 6-year tenure.