Canada Pension Plan Investment Board (CPP Investments) and TATA Realty and Infrastructure have partnered to develop and own over INR50bn (鈧�582.4m) worth of commercial office space across India.
CPP Investments, the investment arm of the Canada Pension Plan, is making a INR26bn equity commitment to the venture.
The joint venture will be seeded with the Intellion Park Chennai and Intellion Edge Gurgaon and the National Capital Region of Delhi assets, which are currently owned and managed by TATA Realty and Infrastructure. The two assets are worth INR80bnm.
The companies said the venture plans to make an equity allocation of INR20bn to also pursue commercial developments in key gateway cities including Mumbai, Delhi, Pune, Bengaluru, Hyderabad, and Chennai.
Sanjay Dutt, TATA Realty and Infrastructure鈥檚 MD and CEO, said TATA Realty and Infrastructure believes in building centres of excellence that provide tenants with high-quality spaces that enable businesses to grow and evolve.
鈥漌ith CPP Investments as a strategic long-term partner, the vision of this joint venture is to provide world-class sustainable office space solutions to a diverse set of businesses.
鈥漈his will enable the opening up of new business opportunities for TATA Realty and Infrastructure Limited, allowing us to accelerate our current growth.鈥�
Hari Krishna V, MD and head of real estate in India at CPP Investments, said this new relationship with TATA Realty and Infrastructure provides an 鈥渆xcellent avenue from which to explore opportunities鈥� in the fast-growing commercial real estate sector.
鈥淚t is an important step in expanding CPP Investments鈥� relationships with leaders in the market, to deliver solid long-term adjusted risk-adjusted returns to CPP contributors and beneficiaries.鈥�
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