Project to be completed
in 6-7 years
$2 b investment
CHENNAI: Ascendas India Development Trust (AIDT), the private property development fund of Asia’s business space leader Ascendas, has partnered IREO, a foreign investor in Indian real estate, to develop an integrated project, comprising an IT special economic zone and mixed-use development in Coimbatore. The 50:50 joint venture spreads over 53 acres. The development of the project will be managed by Ascendas.
AIDT is a private trust that undertakes greenfield projects and has granted a right of first refusal to the Ascendas India Trust to acquire substantially income-producing business space in India.
Ascendas is a key developer of IT space in India with over 265 acres of development spread across six cities. This latest project is Ascendas’ third IT space development in Tamil Nadu, according to a release issued here on Wednesday.
IREO has committed about $2 billion of capital to more than 15 development projects in India, making it the largest foreign investor in real estate in India.
The project is located 10 km from the airport in Coimbatore. Of the 53 acres, 28 acres will have development potential of more than 3 million sq ft of IT SEZ space, which can accommodate over 30,000 IT professionals when fully completed. The remaining 25 acres will be earmarked for residential, commercial and hospitality use.
The project will be developed in four phases and is expected to commence in September. It will be completed in about 6-7 years.