Axis Mutual Fund to launch Rs 1,500 crore fund for developing realty projects

Axis Mutual Fund will launch a Rs 1,500 crore alternative investment fund to part finance commercial realty projects under the partnership with US realtor Tishman Speyer. These projects will be developed across eight major metros.

The partnership will invest in early-stage or greenfield commercial real estate projects across the Mumbai region, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad and Kolkata, Axis AMC said in a statement on July 26.

Since its inception in 1976, the New York-based firm has acquired, developed and operated a portfolio of over 217 million sq ft with a total value of over USD 126 billion, spread over 512 assets globally. However, under this agreement, Tishman will be the exclusive development manager of the projects that will be developed under the partnership, and will not have any equity participation, said Ashwin Patni, head of products and alternatives at Axis AMC.

Tishman entered the country in 2010, launching Waverock IT Park in Hyderabad, which houses TCS, Accenture, DuPont and Capgemini, among others. It owns/manages around 4 million sq ft of office space in various cities now.