KSH Infra, which operates two warehousing and industrial logistics parks, had been looking to raise funds to expand its warehousing business.
The transaction comes at a time when the property market is undergoing a phase of consolidation where several local builders are forging alliances with corporate developers.
This will be Ascendas’ sixth property in Chennai. Its other properties include an integrated industrial development and two logistics and warehouse facilities at Oragadam and Periyapalayam.
The company said it is selling five real estate assets in Mumbai and one in Kolkata with 15 January as the final date for potential buyers to submit their bids.
The JV will primarily focus on student housing, co-living for working professionals and multi-family users.
Leelaventure owns five luxury hotels comprising over 1,400 rooms in New Delhi, Bengaluru, Chennai, Mumbai and Udaipur.
The private equity firm stepped in after Shapoorji Pallonji backed out from buying the 10-storey building in Mumbai’s latest financial district.
LDL is selling its equity interest in the two UK assets for about Rs4,200 crores – this will bring significant cash into LDL and strengthen its balance sheet.
The Tata Group firm aims to reduce its consolidated debt by 30% in the next 18 months, mainly through asset monetization.
Under the new platform, Panchshil plans to build 2 million sq. ft of warehousing and light industrial space.