A global asset management firm has acquired a tech park in Chennai for approximately ?2,100 crore. The prime office asset was previously jointly owned by a real estate developer and a pension fund.

The property, located in Chennai’s Porur area, spans over 12.6 acres and has a gross leasable area of 2.4 million sq ft, comprising three Grade A office towers. Several leading corporate tenants occupy the commercial complex.

The exit pertains only to this Chennai asset, while the previous partners continue their collaboration on other properties.

Private equity investment in Indian real estate remained resilient in the first half of the year. Institutional investment in the sector surged to $4.8 billion across 40 deals in the first half of 2024, reaching 81% of the total investment made in 2023, which was $5.8 billion.

The Indian office sector has continued to see strong demand growth, bucking the global trend of sluggishness.

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