CHENNAI: In a blockbuster real estate transaction, NRI businessman C Sivasankaran has sold off his Sterling Technopolis IT park in Perungudi on the Old Mahabalipuram road to Chennai-based hardware distribution chain Redington for 110 crore. The real estate market is going through a sedate phase in Chennai with very few large transactions taking place. Located next to Krishnan Tennis Centre, Sterling Technopolis has a built-up area of 2.40 lakh sq feet. HCL Technologies is its only tenant. "The transaction concluded a few days back. At disclosed rates it works out to 4,600 per square foot which is a very fair rate in this region considering that we are in a tepid market," industry sources said. Neither Sivasankaran nor Redington could be contacted for details. Sources said Redington, India's largest distributor of technology products, wants to centralise all operations under one roof.
At present, Redington has scattered its activities across half a dozen office spaces in the city. The last big transaction on the IT corridor was when investment firm Xander Group's real estate private equity arm bought 5,70,000 sq ft of office space developed by Appaswamy Builders in Navalur near Chennai for $40 million in April. "We don't get to see big bought out deals in IT space. Such transactions keep interest levels high and set benchmarks for future deals," industry sources said. Located a mile away from Chennai's trophy destination for IT -- Tidel Park, Perungudi is a magnet for IT companies. The rentals for IT space here are between 40 to 45 a square foot.
Source: http://timesofindia.indiatimes.com/city/chennai/Sivasankaran-sells-IT-park-for-110-crore/articleshow/14310172.cms
