Axis MF to launch Rs 15 bn fund, partner Tishman Speyer

28 Jul 2022 CW Team

Axis Mutual Fund will launch a Rs 15 billion alternative investment fund to part finance commercial realty projects in partnership with US realtor Tishman Speyer. These projects will be developed across eight major metros.

The partnership will invest in early-stage or greenfield commercial real estate projects across the Mumbai Metropolitan Region, the Delhi National Capital Region, Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad and Kolkata, Axis Asset Management Company said in a statement.

Since its inception in 1976, the New York-based firm has acquired, developed and operated a portfolio of over 217 million square feet a total value of over $126 billion, spread over 512 assets globally.

Under this agreement, Tishman will be the exclusive development manager of the projects that will be developed under the partnership, and will not have any equity participation, said Ashwin Patni, head of products and alternatives at Axis AMC.

Tishman entered the country in 2010, launching Waverock IT Park in Hyderabad, which houses TCS, Accenture, DuPont and Capgemini, among others. It owns or manages around 4 million sq ft of office space in various cities now.

Patni also said that to part-finance the proposed projects, the fund house is shortly launching a category II alternate investment fund (AIF) worth Rs 15 billion.

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