The Canada Pension Plan Investment Board and Tata Realty and Infrastructure Ltd. have announced a joint venture to develop and own commercial office space in India.
Under the deal, the Canadian pension fund manager will make an equity commitment of about $438-million.
The total equity value of the joint venture will be about $866-million.
The joint venture will begin with two assets, Intellion Park Chennai and Intellion Edge Gurgaon, which are owned and managed by Tata Realty and Infrastructure.
It will also pursue developments in several key cities in India, including Mumbai, Delhi, Pune, Bengaluru, Hyderabad and Chennai.
Tata Realty and Infrastructure is a subsidiary of Tata Sons, a real estate development company in India.
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