Ascendas likely to buy Shriram’s SEZ in Chennai
Ascendas, a Singapore-listed technology park developer, is likely to buy an IT special economic zone (SEZ) of Shriram Properties in Chennai, for about Rs 500 crore.
Shriram’s IT SEZ is part of a larger mixed use development on a 58 acre land (1.3 million sq. ft.), which it had bought from Standard Motors Factory in 2006.
Ascendas has already bought many business parks in India. It has 92% stake in International Technology Park Bangalore (ITPB) and 89% stake in International Technology Park Chennai (ITPC). It cracked offers from other global investors like Tishman Speyer, Xander Group and Mapletree, to make this deal.
The SEZ holds Accenture and Mahindra Satyam among others as tenants, and is part of a large integrated township located near the Chennai international airport.
Private equity firms and global investment houses are preferring to invest on risk free income-yielding assets, such as IT business parks, which provide 9% to 12% assured returns along with capital value appreciation.
To read more real estate news:
Realty companies give out striking dividends
Good time to buy properties in India for NRIs
Source: The Times of India
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[...] Ascendas likely to buy Shriram’s SEZ in Chennai [...]
[...] Ascendas likely to buy Shriram’s SEZ in Chennai [...]
[...] Ascendas likely to buy Shriram’s SEZ in Chennai [...]
[...] Ascendas likely to buy Shriram’s SEZ in Chennai [...]
[...] Ascendas likely to buy Shriram’s SEZ in Chennai [...]
[...] Ascendas likely to buy Shriram’s SEZ in Chennai [...]