Xander Investment Management buys Rs 900-crore office property in Pune

The property named Weikfield IT-CITI Infopark is spread across 1.1 million square feet and has clients such as Maersk and WNS

In one of the largest commercial property deals in the country this year, Xander Investment Management (XIM), the private equity real estate arm of global investment firm The Xander Group, has bought an office property in Pune from another PE firm New Vernon for Rs 900 crore ($130 million)  

The property named Weikfield IT-CITI Infopark is spread across 1.1 million square feet and has clients such as Maersk, WNS, Whirlpool, PTC, Nihilent, Tavisca, and others. 

“The asset complements our existing, 100 per cent owned and operated portfolio across key Indian cities, and enables us to offer a strategic Pune location to tenants,” said Arpit Singh, principal at XIM, Singapore. 

 Xander has an office property portfolio of 7 million sq ft in Bengaluru, Delhi, and Chennai. Besides, it has also a mall joint venture with Dutch pension fund APG. 

Recently, property fund Ascendas India Trust said it had agreed to buy IT-focused special economic zone Blue Ridge phase III with leasable space of 1.8 million sq ft in Pune’s Hinjewadi area. 

The deals in leased and rent yielding office properties have gone up in the recent past. Blackstone bought major portion of One BKC building in BKC area of Mumbai for Rs 2,600 crore. In another deal, K Raheja Corp emerged final bidder to buy Citibank’s former headquarters in the same area for Rs 400 crore.

The Xander Group has committed over $3 billion to the Indian market across private, public, credit and venture investments since 2005.