CPPIB to invest Rs.2,600-Cr in commercial projects JV with Tata Realty

The Canada Pension Plan Investment Board (CPPIB) is to make an equity commitment of INR 2,600 crore to a joint venture with Mumbai-based Tata Realty and Infrastructure Ltd (TRIL) that will develop and own commercial office space across India. The JV - in which CPPIB is estimated to own 49% - will aim to reach over INR 13,000 crore in assets under management. TRIL will seed the platform with two of its existing assets - Intellion Park Chennai and Intellion Edge Gurgaon - which are currently owned and managed by the developer. The gross asset value of these two assets is INR 8,000 crore.