Canada Pension Plan Investment Board (CPPIB) will invest Rs 2,600 crore to acquire a 49 per cent stake in Tata Realty and Infrastructure’s two premium commercial office projects at Chennai and Gurgaon.

Tata Realty and Infrastructure MD and CEO Sanjay Dutt said the company has formed a partnership with CPPIB to develop and own commercial real estate assets as it remains bullish about the future potential of the office market across major Indian cities.

“We want to grow our commercial real estate business. Our target is that we will develop 45 million square feet area in the next 5-7 years,” Dutt said.

The company has completed a commercial portfolio of 7.5 million square feet while 14 million square feet is under various stages of design and development from its existing land bank.

“We want to invest at least Rs 2,000 crore to buy new land parcels. For this, we have formed a partnership with the Canada Pension Plan Investment Board,” Dutt said.

Property consultant Anarock facilitated the deal.

CPPIB will acquire a 49 per cent stake in two projects — Intellion Park Chennai (with 4.6 million square feet of gross leasable area) and Intellion Edge Gurgaon (with 1.8 million square feet of gross leasable area).

The Chennai project is complete while the Gurgaon project is 50 per cent complete.