Keppel acquires One Paramount 1 tech park in Chennai for rs 2100 crore

Singapore-based global asset manager and operator Keppel has acquired One Paramount 1 tech park in Chennai for about ?2,100 crore, said three people aware of the deal. The prime office asset is jointly owned by realty developer RMZ Corporation and Canadian pension fund CPP Investments. The property in Chennai's Porur area is spread over more than 12.6 acres of land. It has gross leasable area of 2.4 million sq ft comprising three Grade A office towers. Cap rate is a ratio of a property's net operating income to purchase price, indicating potential return on investment. Genpact, Hitachi Energy, Maersk, NielsenIQ, UPS, VMware and Wabco are some of the tenants in this commercial complex. The exit is only from one asset in Chennai. CPP continues to be a partner of RMZ in other assets. Private equity investment in Indian real estate remained resilient in the first half of the year. Institutional investment in Indian real estate surged to $4.8 billion across 40 deals in the first half of 2024, when the world was battling economic challenges, showed a recent report. Investment volumes in the first six months of 2024 have already reached 81% of the total made in 2023, which was at $5.8 billion. The Indian office sector has been seeing sustained growth in demand, bucking the global trend of sluggishness.
 

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