Key Takeaways
- • Axis Commercial Real Estate Fund and Tishman Speyer have formed a strategic partnership with Kasturi Housing to develop a Grade-A commercial and IT office project in Balewadi, Pune, valued at approximately ₹1,700 crore.
- • The project will deliver approximately 1 million square feet of premium office space, with Tishman Speyer and Axis CRE holding a combined 50% stake while Kasturi Housing retains the remaining 50% ownership.
- • Khaitan & Co advised both Axis Commercial Real Estate Fund and Tishman Speyer on the transaction, with the deal team led by partners Deepak Jodhani and Gautam Suseel.
- • The development targets growing demand for high-quality office infrastructure in Pune from technology and corporate services firms, positioning itself as a new benchmark for commercial real estate supply in the region.
Summary
Axis Commercial Real Estate Fund and global real estate developer Tishman Speyer have entered into a strategic partnership with Kasturi Housing to jointly develop a Grade-A commercial and IT office project in Balewadi, Pune. The transaction, advised by Khaitan & Co, represents a significant capital deployment in India's commercial real estate market, with the overall project valued at approximately ₹1,700 crore.
Under the partnership structure, Tishman Speyer and Axis Commercial Real Estate Fund will collectively hold a 50% stake in the development through a special purpose vehicle arrangement, while Kasturi Housing retains the remaining 50% ownership. The partnership leverages Tishman Speyer's development expertise and Axis CRE Fund's capital position to execute a large-scale commercial office complex. The project is anticipated to deliver approximately 1 million square feet of premium office space upon completion.
The development is strategically positioned to capitalize on Pune's expanding demand for institutional-quality office infrastructure, particularly from the technology sector and corporate services firms. The partnership aims to establish a new benchmark for commercial real estate supply standards in the region. Khaitan & Co's transaction team consisted of partners Deepak Jodhani and Gautam Suseel, along with principal associates Amulya Sharma and Anirudh Jakhotia, with additional real estate and title support from partner Devendra Deshmukh and principal associate Anirudh Jakhotia.
This deal underscores continued institutional capital allocation toward India's commercial real estate sector, with global developers and domestic funds collaborating to meet infrastructure requirements in tier-two metropolitan markets.
Under the partnership structure, Tishman Speyer and Axis Commercial Real Estate Fund will collectively hold a 50% stake in the development through a special purpose vehicle arrangement, while Kasturi Housing retains the remaining 50% ownership. The partnership leverages Tishman Speyer's development expertise and Axis CRE Fund's capital position to execute a large-scale commercial office complex. The project is anticipated to deliver approximately 1 million square feet of premium office space upon completion.
The development is strategically positioned to capitalize on Pune's expanding demand for institutional-quality office infrastructure, particularly from the technology sector and corporate services firms. The partnership aims to establish a new benchmark for commercial real estate supply standards in the region. Khaitan & Co's transaction team consisted of partners Deepak Jodhani and Gautam Suseel, along with principal associates Amulya Sharma and Anirudh Jakhotia, with additional real estate and title support from partner Devendra Deshmukh and principal associate Anirudh Jakhotia.
This deal underscores continued institutional capital allocation toward India's commercial real estate sector, with global developers and domestic funds collaborating to meet infrastructure requirements in tier-two metropolitan markets.
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