Tata Realty & Infrastructure & CPP Investments Declared Commercial Real Estate Joint Venture

TATA Realty and Infrastructure and Canada Pension Plan Investment Board(‘CPP Investments’) today announced a new joint venture to develop and own commercial office space across India. The joint venture will target stabilized and development assets, aiming to reach over Rs.50 billion (C$800 million) in assets under management. The joint venture will be seeded with two assets, Intellion Park Chennai (GLA[2]: 4.6 million square feet) and Intellion Edge Gurgaon, National Capital Region of Delhi (GLA: 1.8 million square feet), which are currently owned and managed by TATA Realty and Infrastructure. Intellion Park Chennai, one of India’s leading office parks, is a LEED platinum rated asset occupied by leading domestic and international businesses.

The joint venture would also pursue Grade A commercial developments in key gateway cities in India, with an equity allocation of Rs.20 billion (C$333 million). Cities under consideration include Mumbai, Delhi, Pune,

Bengaluru, Hyderabad, and Chennai which collectively contribute the majority of India’s total Grade to an office stock and demand. Sanjay Dutt, MD & CEO, TATA Realty and Infrastructure said, “TATA Realty and Infrastructure believe in building centers of excellence that provide tenants with highquality spaces that enable businesses to grow and evolve. With CPP Investments as a strategic longterm partner, the vision of this joint venture is to provide world class sustainable office space solutions to a diverse set of businesses. This will enable the opening up of new business opportunities for TATA Realty and Infrastructure Limited, allowing us to accelerate our current growth”.

Intellion park chennai, one of india’s leading office parks, is a leed platinum rated asset occupied by leading domestic and international businesses

Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments, said, “This new relationship with TATA Realty and Infrastructure, one of India’s leading operators, provides an excellent avenue from which to explore opportunities in the fast-growing commercial real estate sector. It is an important step in expanding CPP Investments’ relationships with leaders in the market, to deliver solid long-term adjusted risk-adjusted returns to CPP contributors and beneficiaries”.