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CPPIB, Tata Realty in discussions to form Rs 2,000 cr property platform

Wednesday, 23 Jun 2021
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Canada Pension Plan Investment Board (CPPIB) and Tata Realty and Infrastructure are in advanced talks to set up a commercial property development platform in India with Rs 2,000 crore equity base.

Both CPP Investments, which manages investments for CPPIB and the Tata Group company are expected to infuse Rs 1,000 crore equity each into this joint development company.

While CPPIB’s contribution will be direct investment of Rs 1,000 crore, Tata Realty’s investment will be in the form of 49 percent stake in two of its marquee information technology special economic zones (SEZ) parks to be offered to the proposed platform.

The two SEZs are expected to be Intellion Park Chennai, previously known as Ramanujan IT City, and Intellion Park on Golf Course Extension in Gurugram.

The Chennai property is a fully integrated IT city sprawled over 25.27 acre campus with 4.5 million sq ft office spaces across six towers that are completely leased. The Gurugram property is an upcoming IT SEZ with 3.5 million sq ft office spaces across six towers spread over 25.24 acre.

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