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Singapore's Keppel Corporation has acquired the One Paramount 1 tech park in Chennai for approximately INR 2,100 crore. This prime asset, spanning 12.6 acres with 2.4 million square feet of office space across three towers, was previously owned by RMZ Corporation and CPP Investments. Finalised at an 8.5% cap rate, the deal reflects strong investor interest in India's commercial real estate sector. The tech park's prestigious tenants include global firms such as Genpact and VMware. The acquisition highlights India's recovering office market and Keppel's strategic expansion in the region.
Singapore-based Keppel Corporation has acquired One Paramount 1 tech park in Chennai for approximately INR 2,100 crore. The prime office asset, jointly owned by RMZ Corporation and Canadian pension fund CPP Investments, is a significant addition to Keppel's growing portfolio in India. Advertisement
Spread across 12.6 acres in Porur, Chennai, One Paramount 1 has 2.4 million square feet of leasable area across three Grade A office towers. The acquisition, finalised at a cap rate of around 8.5%, marks one of the highest rates in recent times, reflecting the property's prime location and strong tenant base.
The tech park houses a prestigious clientele, including global giants like Genpact, Hitachi Energy, Maersk, NielsenIQ, UPS, VMware, and Wabco. This robust tenant profile further enhances the property's value and attractiveness to investors.
The deal comes at a time when India's commercial real estate sector is experiencing a resurgence following the pandemic-induced slowdown. While Bengaluru-based RMZ Corporation has faced some leasing challenges, the company has successfully exited this asset through a strategic partnership with CPP Investments.
The two companies had previously formed a joint venture to develop a substantial 10.4 million square feet of commercial office space across Chennai and Hyderabad. However, the recent deal marks the exit of RMZ from this particular Chennai asset, while the partnership continues for other projects.
The Indian office sector has demonstrated remarkable resilience amidst global economic uncertainties. Private equity investment in Indian real estate surged to USD 4.8 billion in the first half of 2024, surpassing 80% of the total investment for the entire year 2023. This trend highlights the growing confidence of investors in India's commercial real estate market.
Keppel's acquisition of One Paramount 1 tech park is a testament to this positive sentiment. The deal is expected to strengthen Keppel's position in India and contribute to its long-term growth strategy. As India's economy continues to expand, the demand for quality commercial office space is expected to rise, making the country an attractive destination for global investors.
This significant investment by Keppel Corporation underscores India's emergence as a key player in the global commercial real estate landscape.
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