Located in Gachibowli, the buildings will be delivered in phases between 2020 and 2023, and on completion be able to accommodate over 50,000 employees, Xander said in a statement.
“We are driven to explore new avenues where we can positively leverage our extensive operating expertise and scale in the office sector in India, supporting export contribution and job creation in the country. We are pleased to work with Phoenix to expand our presence in the Hyderabad market”, said Arpit Singh, Principal at Xander Investment Management.
According to Singh, this develop-to-core acquisition in Hyderabad fits well with Xander’s existing fully owned office portfolio.
“At this point in the cycle, the risk/return metrics that many office development opportunities present are attractive. We intend to expand our develop-to-core office investment strategy as the right opportunities present themselves,” he added.
With this latest investment, Xander continues its focus on Indian real estate.
Xander Investment Management has been actively investing in India for over a decade and has acquired and developed over 81 million sq ft of real estate across all primary asset classes, including office, retail, industrial, budget and luxury hotels, warehousing, and residential condominiums and townships. Since 2005, the Xander Group has committed more than $3 billion to the Indian market across private, public, credit and venture investments.