The deal involves 1.7 million square feet of occupied and operational SEZ, and a partnership with Shriram Properties to deliver the under construction 1.9 million square feet, it said.
"This acquisition demonstrates our continued interest in large, well-positioned assets with growth potential across gateway cities in India, and complements our existing office portfolio," said Rohan Sikri, senior partner, The Xander Group.
He further said that with this deal, Xander is expanding its existing Chennai footprint. "We see the opportunity to deliver additional high-quality supply in a market where vacancy is rapidly falling," Mr Sikri added.
Shriram Gateway is a 58-acre integrated township project including office space, a shopping mall and residential apartments.
"The project offers a plethora of opportunities and is a source of employment generation across various sectors in Tamil Nadu. We plan to develop many such mixed used development projects across cities in India. With this association we will be able to enhance our position as a leader in the real estate space," managing director, Shriram Properties M Murali said.
The realty player had recently announced its plans to invest Rs 15,000 crore over the next 7-8 years for the development of around 30 ongoing projects, across six major cities - Chennai, Bengaluru, Hyderabad, Visakhapatnam, Coimbatore and Kolkata.