Xander completes $40m buyout of Indian office site
Xander Real Estate Partners, the property-focused PE arm of global investment firm The Xander Group, has acquired a Grade A office park in Chennai for $40 million from Appaswamy Real Estates.
The buyout was financed through a combination of debt and equity, as part of Xander's strategy to build a portfolio of well-located and income yielding Indian assets, according to a statement.
Located at the heart of the OMR IT corridor - less than 1 kilometer from the Sholinganallur Junction - the office park comprises 570,000 square feet of constructed office space in two towers in a campus style development spread over 6 acres.
It is leased to multinational tenants, including Paypal and Gamesa Wind Turbines. Xander is also in advanced talks to lease the remaining space to other multinational and Indian corporations.
"The purchase highlights Xander's ability to identify and acquire quality assets at attractive prices, and increase underlying value through a combination of extensive asset management and a stable tenant-institutional landlord relationship", said Rohan Sikri, partner at Xander Investment Management Singapore, whose team led the transaction.
The Xander Group focuses on the infrastructure, hospitality, retail and real estate sectors. It has committed more than $1.8 billion of equity capital in India since 2005.
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