The Xander Group Inc. and Dutch pension fund asset manager APGAsset Management NV have bought an information technology (IT) special economic zone (SEZ) in south Chennai for around $350 million (Rs2,250 crore) from a joint venture of Shriram Properties’ and Infrastructure Pvt. Ltd and private equity fund SUN-AREA Property Partners.
The IT SEZ is part of ‘The Gateway’ project in Chennai’s Tambaram area. The 60-acre project has about 4.5 million sq. ft of IT office space, of which 1.8 million sq. ft is already developed and operational. After the deal, Shriram will develop the remaining portion of the SEZ and hand it over to Xander.