Xander to invest Rs. 2,550 crore to acquire 4.5 million sq ft Office Projects in Hyderabad.
October 10, 2018
Xander Investment Management, the private equity real estate arm of global investment firm, The Xander Group, has signed a $350 million or Rs. 2,550 crore primary investment with Hyderabad-based Phoenix Group for development and subsequent acquisition of 4.5 million sq ft office space in Hyderabad.
Located in Gachibowli, the buildings will be delivered in phases between 2020 and 2023, and on completion be able to accommodate over 50,000 employees, Xander said in a statement.
“We are driven to explore new avenues where we can positively leverage our extensive operating expertise and scale in the office sector in India, supporting export contribution and job creation in the country. We are pleased to work with Phoenix to expand our presence in the Hyderabad market”, said Arpit Singh, Principal at Xander Investment Management.
According to Singh, this develop-to-core acquisition in Hyderabad fits well with Xander’s existing fully owned office portfolio.
“At this point in the cycle, the risk/return metrics that many office development opportunities present are attractive. We intend to expand our develop-to-core office investment strategy as the right opportunities present themselves,” he added.
With this latest investment, Xander continues its focus on Indian real estate.