Shriram seals Rs.2,290-cr real estate deal

In a latest development in the country’s realty sector, Shriram Properties has signed a whopping $350 million (Rs.2,290 crore) deal with Xander Group, making it the largest private equity deal in the realty space. As per the terms and conditions of the deal, Xander acquires 100% stake in Shriram's Gateway SEZ in Chennai for Rs.1,250 crore, with a further commitment of Rs.1,040 crore towards expansion of the IT SEZ, the company said in a statement, adding that the deal involves 1.7 million square feet of occupied and operational SEZ, and a partnership with Shriram Properties to deliver the under construction 1.9 million square feet. This acquisition demonstrates the continued interest in large, well-positioned assets with growth potential across gateway cities in India and complements its existing office portfolio, said senior partner, Rohan Sikri, adding that the Xander is expanding its existing Chennai footprint.