A subsidiary of The Xander Group Inc. is investing US$350 million for the construction and subsequent purchase of a 4.5 million-square-foot office project in a Phoenix Group development in Hyderabad, India, Mint (New Delhi) reported.
Xander Investment Management Pvt. Ltd., the real estate arm of the Singaporean private equity firm, agreed to finance the project in the Gachibowli financial district, which will be delivered in phases between 2020 and 2023, according to the publication.
The agreement would mark Xander Group's first significant commercial office deal in the Indian city. It is anticipated to bear similarities with a separate US$350 million deal between the firm and Shriram Properties Ltd. for an information technology special economic zone in Chennai, the Oct. 10 report added.