Key Takeaways
- • Tishman Speyer and Axis Commercial Real Estate Fund have partnered with Pune-based Kasturi Housing on a commercial and IT office project in Balewadi, Pune, valued at INR 1,700 crore.
- • The project aims to develop about 1 million square feet of premium office space, with Tishman Speyer and Axis collectively holding a 50% stake and Kasturi Housing holding the remaining 50%.
- • Tishman Speyer will manage development of the project, which is part of a larger layout including commercial and residential components.
- • JLL Capital Markets, Pune, acted as exclusive real estate consultant on the transaction.
- • The deal is the second investment from the Axis Commercial Real Estate Fund, which targets commercial real estate development across India's top eight property markets.
Summary
Global real estate investment, development, and management firm Tishman Speyer has partnered with Axis Commercial Real Estate Fund and Pune-based developer Kasturi Housing on a commercial and information technology office project in Balewadi, an area of Pune. According to Venture Intelligence News, citing the Economic Times, the project is valued at INR 1,700 crore.
The partnership aims to develop approximately 1 million square feet of premium office space. Tishman Speyer and Axis will collectively hold a 50% stake in the development, while Kasturi Housing retains the remaining 50%. Tishman Speyer will also manage the development. The office component sits within a larger layout that includes both commercial and residential development.
JLL Capital Markets, Pune, served as the exclusive real estate consultant for the transaction.
The transaction marks the second investment from the Axis Commercial Real Estate Fund, which focuses on commercial real estate development projects across India's top eight property markets.
The partnership aims to develop approximately 1 million square feet of premium office space. Tishman Speyer and Axis will collectively hold a 50% stake in the development, while Kasturi Housing retains the remaining 50%. Tishman Speyer will also manage the development. The office component sits within a larger layout that includes both commercial and residential development.
JLL Capital Markets, Pune, served as the exclusive real estate consultant for the transaction.
The transaction marks the second investment from the Axis Commercial Real Estate Fund, which focuses on commercial real estate development projects across India's top eight property markets.
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