Xander to buy Pune office park for $130 mn, add 1.1 mn square feet to its assets

Xander Investment Management, Singapore-based real estate arm of the Xander Group, has announced the acquisition of over 1.1 million sq ft Pune office park for $130 million.

The Weikfield IT Citi Info Park in Pune's Viman Nagar is a commercial space leased to companies such as Maersk, WNS, Whirlpool, PTC, Nihilent, Tavisca and many more.

"Through this acquisition, we add a quality Pune asset with substantial growth potential, to our ongoing India office value-add strategy," Arpit Singh, Principal at XIM, Singapore, told The Economic Times. He added that the company is raising its standards through its acquisition over Indian assets and development projects by showcasing its expertise in on-ground operations, tenant relationships, and scale.

Xender boasts of multiple acquisitions owned by it across the major cities in India, offering strategic Pune location to tenants. It has been a prime investor in real estate for more than 14 years, acquiring about 83 million sq ft across the real estate classes. It deals with commercial spaces for office, retail, industry, budget and luxury hotels, warehouse and residential condominiums and townships.

The total investments made by Xender in the Indian real estate business is over $3 billion across public, private, credit, and ventures since 2005.

The Pune office park is a major acquisition by Xender as it is quite near to the airport and connects to prime residential, commercial and retail catchments of the city. The park also boasts the grandeur of two five star hotels facing it.