TATA Realty and Infrastructure, CPP Investments announce Commercial RE JV

New Delhi, April 12, 2022: TATA Realty and Infrastructure Limited and Canada Pension Plan Investment Board (“CPP Investments”) on Tuesday 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 5000 cr 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 Limited. Intellion Park Chennai, is a LEED platinum rated asset.

The joint venture would also pursue Grade A commercial developments in key gateway cities in India, with an equity allocation of Rs 2000 cr. Cities under consideration include Mumbai, Delhi, Pune, Bengaluru, Hyderabad, and Chennai.

Sanjay Dutt, MD & CEO, TATA Realty and Infrastructure Limited, said, “TATA Realty and Infrastructure Limited believes in building centers of excellence that provide tenants with high-quality spaces that enable businesses to grow and evolve. With CPP Investments as a strategic long-term 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.”

Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments, said,“This new relationship with TATA Realty and Infrastructure Limited, 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.”