The Chennai-based Olympia Group in a joint venture with a US-headquartered alternative asset manager Apollo Global Management plans to invest Rs. 750 crore on a 1.1-million sq. ft. greenfield IT park in Chennai. This will be developed in three years.
Both, the Olympia Group and the Apollo Global share 51% and 49% share in the partnership. With $280 million assets under management till September 2018, the Apollo Global firm is believed to be one of the world’s largest alternative investment firm. Whereas the Olympia Cyberspace, a unit of the Olympia Group will build the park located in the city’s prime Guindy area and after the construction this IT Park is estimated to accommodate more than 12,500 IT professionals. This IT Park will also have some coworking spaces.
Ajit Kumar Chordia, managing director, Olympia Group, said that he currently increasing demand for the office space in the city has made us take this decision. We are confident to attract IT/ ITeS MNCs here as the strategic location and start-of-art facilities here will be beneficial for the companies.
The Olympia group already owns a technology park that is spread over 1.5 million square feet.
The recent report of the CBRE indicates an increase in the supply of office space by 46% during the January-March period in nine major cities that also include Chennai where the demand rose from 9.2 million square feet space to 13.4 million square feet in 2018.