CPP Investments and TATA Realty and Infrastructure announce commercial real estate joint venture in India
On April 12, 2022, Canada Pension Plan Investment Board (“CPP Investments”) and TATA Realty and Infrastructure Limited (“TATA”) 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 INR 50 billion (C$800 million) in assets under management.
The joint venture will be seeded with two assets, currently owned and managed by TATA.
- Intellion Park Chennai, one of India’s leading office parks—with 4.6 million square feet of gross leasable space
- Intellion Edge Gurgaon, National Capital Region of Delhi—with 1.8 million square feet of gross leasable space
The joint venture would also pursue Grade A commercial developments in key gateway cities in India, with an equity allocation of INR 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 A office space stock and demand.
Further information can be found on Canada Newswire’s website.
CPP Investments is a professional investment management organization that manages the fund in the best interest of the more than 21 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure, and fixed income. It is governed and managed independently of the Canada Pension Plan and at arm’s length from governments.
TATA Realty and Infrastructure is a 100% subsidiary of Tata Sons and one of the leading real estate development companies in India with an extensive portfolio of over 50 projects across 15 cities. With an agenda of dispensing intelligent, collaborative, and dynamic projects, TATA Realty and Infrastructure has developed approximately 16.8 million square feet of commercial projects and has approximately 30 million square feet of projects under development & planning.