Xander Group and an investor consortium led by Dutch Pension fund asset manager APG Asset Management have entered into an agreement for creating a $300m venture that buys income-generating and institutional grade commercial assets across the markets in India.
The venture aims to capitalize on the strong demand for office space, with special focus on companies in IT and financial services that cater to global business needs from hubs across India.
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The venture will also look-out for the leased office assets in Mumbai, NCR, Bangalore, Hyderabad, Chennai, and Pune.
Sachin Doshi, head of non-listed real estate for Asia-Pacific at APG in Hong Kong, said: "In spite of the recent slowdown, India’s top 6 cities have consistently witnessed the largest net absorption of office space in the Asia-Pacific region, and perhaps globally. This, combined with limited new development starts for office projects in India, creates a unique demand-supply gap for good quality office space that our venture aims to target."
Partner at Xander Investment Management Pte. Ltd., Rohan Sikri, said: "This new India office venture is part of our continued effort to develop specialized platforms with the right partners, for unique strategies that deliver the required risk adjusted returns to them."
Partners believe that with growth in buying opportunities, the size of the venture may grow up to $500m in future.
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By GlobalData
