Tata Realty, CPP Investments to develop office space worth ₹5,000 cr.

Tata Realty and Infrastructure and CPP Investments had formed a joint venture to develop and own commercial office space across India with over ₹5,000 crore (C$800 million) in assets under management.

The joint venture will be seeded with two assets -- Intellion Park Chennai and Intellion Edge Gurgaon -- which are currently owned and managed by Tata Realty and Infrastructure Ltd. Intellion Park Chennai, one of India’s leading office parks, is a LEED platinum rated asset occupied by leading domestic and international businesses.

The joint venture would also pursue Grade A commercial developments in key gateway cities in India, with an equity allocation of ₹2,000 crore (C$333 million). Cities under consideration include Mumbai, Delhi, Pune, Bengaluru, Hyderabad, and Chennai which collectively contribute the majority of India’s total Grade A office space stock and demand.

HBL