The pension fund is providing ₹26 billion ($438 million) of the new firm’s ₹53 billion in equity capital. Tata Realty and Infrastructure will transfer in two existing buildings worth a combined ₹80 billion. (The Logic)
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The pension fund is providing ₹26 billion ($438 million) of the new firm’s ₹53 billion in equity capital. Tata Realty and Infrastructure will transfer in two existing buildings worth a combined ₹80 billion. (The Logic)
Talking point: The joint venture plans to spend ₹20 billion on acquisitions and development, targeting India’s major business centres including capital New Delhi, commercial capital Mumbai and major tech hubs Bengaluru and Hyderabad. The new firm with Tata—one of the subcontinent’s largest conglomerates—isn’t CPP Investments’ only commercial real estate play in the region. Last month, the pension fund committed ₹26.5 billion ($449 million) to a venture with RMZ that will start in Bengaluru, joining a previous JV focused on Hyderabad and Chennai. Indian offices have become an attractive asset class for overseas institutional investors. For example, a subsidiary of Toronto-headquartered Brookfield Asset Management has built up a portfolio of 13.9 million square feet of space, which generated ₹8.6 billion ($143 million) in revenue last fiscal year.
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