Axis Commercial Real Estate Fund, a joint venture between Axis Asset Management Company (Axis AMC) and global real estate developer Tishman Speyer, has acquired a 1.5-acre plot in Chennai’s Fintech City for Rs 75 crore. This marks the fund’s first investment and the first investment in the Tamil Nadu Industrial Development Corporation’s (TIDCO) Fintech City, an infrastructure hub for the financial technology industry located in Nandambakkam.
The plot, acquired through a bid cum e-auction process conducted by TIDCO, will be developed into a Grade A office building spanning four lakh square feet within the next three years. This investment comes from the fund’s category II AIF, which concluded its fundraising in June 2024 with a corpus of approximately Rs 550 crore. Tishman Speyer, as the development manager, will oversee development, leasing, and property management.
Sandeep Nanduri, MD of TIDCO, expressed confidence that the world-class development will attract leading multinational corporations, solidifying Chennai’s position as a global fintech hub. Chetan Shah, head of real estate at Axis AMC, highlighted the alignment of this investment with the fund’s strategy and its potential to benefit from TIDCO’s Fintech City vision. Parvesh Sharma, managing director and India Country head for Tishman Speyer, emphasized Chennai’s attractiveness to multinational companies, particularly within the BFSI (Banking, Financial Services, and Insurance) sector, and expressed enthusiasm for bringing their global expertise to this project.
This investment signifies a significant step in the development of Chennai’s Fintech City and highlights the growing interest in the Indian fintech sector. The project is expected to attract leading players in the industry, further boosting the city’s economic growth and its reputation as a global fintech hub.
