Emerging markets investor Xander Group has acquired the technology special economic zone (SEZ) of the diversified Shriram Group in Chennai for Rs 2,290 crore, or $350 million. Shriram Properties and real estate investor SUN Apollo had put Shriram Gateway, a 4.6-million-sqft integrated development on sale, which had attracted interests from GIC of Singapore and Asian business space developer Ascendas.
The sale to Xander, managing assets worth over $2.3 billion, comes after protracted negotiations spread over two years. Xander is investing Rs 1,215 crore ($190 million) to buyout the existing 1.7 million sqft fully occupied SEZ, and a further $160-million investment to develop an additional 2.8 million sqft. Shriram Properties will retain the rights to develop the residential and retail components of the IT park, which counts Accenture and Mahindra Satyam among its tenants.
Read more: Times of India