Page 56 - CV April-May 2019 issue

“ OLYMPIA GROUP, APOLLO GLOBAL join hands for

”
CHENNAI IT PARK

1.1-m sq ft greenfield IT park in Chennai to be developed over a The real estate group had earlier purchased the property from Exide
span of three years IndustriesNSE 0.70 %, said Chorida. The land parcel was one of
Chennai: In partnership with US-headquartered alternative asset Exide's battery manufacturing facilities for over five decades and later
manager Apollo Global Management, Chennai-based Olympia Group become financially unviable and had been lying idle.
announced that it will be investing Rs 750 crore on a 1.1-million sq ft
greenfield IT park in Chennai to be developed over a span of three The group is confident that it will be able to attract interest from
years. multinational companies due to rising demand for office space within
the city. “Being within the city and with the location advantage and the
The Olympia Group and Apollo Global will hold a 51%-49% stake in existing client base, we are confident of leasing the building much
the venture. Apollo Global is one of the world's largest alternative faster. We have also started participating with requests for quotes
investment firm with assets under management worth $280 billion as (RFQs) to large companies that are looking to set up base in
of September 2018. Olympia Cyberspace, a unit of the Olympia Chennai,” Chordia said.
Group, will be developing the park located in the city's prime Guindy
area. The park is expected to accommodate over 12,500 IT The group already has a technology park in the area spanning 1.5
professionals. It will also house coworking spaces. million square feet.
According to a recent report by CBRE, office space supply rose by
Ajit Kumar Chordia, managing director, Olympia Group, said, “The 46% during the January-March period in nine major cities, including
ongoing demand for office space in the city has prompted the Chennai to 13.4 million square feet compared to 9.2 million square
development of IT Park. We are confident that this facility will attract feet in the same period in 2018. During the period, office space supply
IT/ ITeS MNCs that benefit from the state-of-the-art amenities at a went up in Chennai to 0.5 million square feet from 0.2 million square
strategic location. feet, the report said.

54 / CONSTRUCTION VISION / May June 2019