NE BUSINESS BUREAU
MUMBAI, JULY 27
Axis Asset Management Company Limited, one of India’s fastest growing asset management company promoted by Axis Bank Limited, on Wednesday announced that it has entered into a strategic partnership with Tishman Speyer, a leading international developer, owner and operator of world-lass real estate.
The platform intends to invest in early stage or greenfield commercial real estate projects across 8 key markets, aiming to create best in class office buildings to be leased to marquee clients. The platform will develop buildings with emphasis on “3 S”: ‘Sustainability’, ‘Safety’ and ‘Serviceability’. The platform plans to achieve this objective by exercising end to end control on the project lifecycle across design, development, leasing and property management through its partnership with Tishman Speyer. Tishman Speyer will act as the exclusive Development Manager for the platform.
- Axis AMC’s strategic partnership with Tishman Speyer to develop best in class office buildings emphasizing on “3 S”: ‘Sustainability’, ‘Safety’ and ‘Serviceability’.
- The platform’s strategy is to develop primarily greenfield commercial projects across key 8 markets in India – MMR, NCR, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad and Kolkata
- The platform will be able to leverage the strong development, leasing and management capability of Tishman Speyer which has since its inception acquired, developed and operated a portfolio of over 217 million square feet with a total value of over $126 billion spread over 512 assets globally (Source: Tishman Speyer, as on Mar 31, 2022)
- The last 6-8 years have seen significant activity and deepening of secondary markets in commercial real estate through participation by both institutional and retail investors.
Axis AMC is confident of the long-term potential of the commercial real estate. The last 6-8 years have seen significant activity and deepening of secondary markets in commercial real estate through participation by both institutional and retail investors. The resilience of the asset class has been evident through the improved demand in 2022. The partners believe that, this is an opportune time to create a platform to cater to the discerning demands of the occupiers in post COVID era. The platform is uniquely placed to achieve its objectives by leveraging Tishman Speyer’s capabilities in design, development, and property management with deep experience in developed markets.
On the launch of the partnership, Amitabh Chaudhry, MD & CEO, Axis Bank Limited said, “It gives me great pleasure to see Axis AMC tying up with Tishman Speyer to tap into the greenfield Commercial real estate opportunity, and I strongly believe that together we can create a compelling offering in this asset class. This platform once again showcases Axis AMC as an asset manager that has been at the forefront of product innovation, offering quality long-term solutions to our investors”.
Rob Speyer, Chief Executive Officer, Tishman Speyer said, “We are excited to partner with Axis AMC to produce the next generation of high-quality office environments for local and global companies operating in India. We look forward to exploring potential opportunities in such key markets as Mumbai, Pune, Bangalore, Hyderabad and NCR.”
On the initiative, Chandresh Nigam, MD & CEO, Axis AMC said, “Axis AMC is creating a market leading alternatives platform that provides unique non-correlated investment avenues.
Although market has products focusing on rent generating commercial assets, the Axis platform will provide unique opportunity in the development stage in commercial assets.
We are also extremely excited to partner with Tishman Speyer – their expertise will be invaluable in making this offering a success. We have extremely capable real estate team under the leadership of Balaji Rao (Managing Partner, Real Estate) which I am confident of achieving the objectives of the platform.”
