Keppel buys Chennai office complex for $352.9m

The property will be used to attract investors to the Indian office market.

Keppel will acquire a 100% stake in One Paramount, a freehold Grade A office complex located in Chennai, India, for $352.9m.

Completed in 2022, One Paramount has a 2.4 million sq ft gross leasable area across three office towers along with ancillary retail and amenity spaces. It is located along Mount Poonamallee Road and is close to various retail, hospitality, education, and healthcare facilities.

The property is currently leased to multinational corporations and domestic companies from the consulting, chemicals, information technology, and logistics services sectors.

Keppel’s other investments in India include the development of a commercial tower in Bangalore and plans to purchase another in Pune.

In addition, Keppel plans to create a fund to attract investors to the Indian office market, with One Paramount and a commercial tower in Bangalore as potential seed assets.

The company will manage One Paramount’s assets and will enhance its sustainability features with its in-house sustainable urban renewal (SUR) expertise to improve its energy and water efficiencies and waste management processes.

Keppel will also expand renewable energy use and implement digital and smart building technologies at the property.