This marks Mitsubishi’s entry into the Indian real estate sector and Shriram has been chosen partner for Mitsubishi’s maiden investment. Shriram was earlier chosen partner for first-ever realty investment respectively by TPG, Tata Capital, Walton Street Capital and Starwood Capital.
Track2Realty-Agencies: Shriram Properties the Bangalore-based realty arm of the Shriram Group, is understood to have up lined up discussions with key global players including Mapletree and Ascendas to sell its Gateway SEZ, a 1.3 million square feet information technology special economic zone in Chennai for $150 million.
Shriram Properties, which wants to refinance projects under development and acquire distressed real estate assets may get $125 million PE fund by private equity arms of JP Morgan, IL&FS and Morgan Stanley.
Singapore-listed technology park developer Ascendas is close to acquire an IT Special Economic Zone of Shriram Properties in Chennai for about Rs 500 crore, said banking sources close to the development. Ascendas, which owns a string of business parks in India, is said to have pipped competing offers from other global investors Tishmen Speyer, Xander Group and Mapletree, a real estate arm of Temasek.
The Chennai-based Shriram Group, is expanding its realty business Shriram Properties. As per the plans the Group will invest around Rs 1,500 crore over the next three years in developing various residential projects. The zero-debt company says 60 per cent of this investment, or around Rs 900 crore, would be funded through equity, from existing or new investors.
MORE till date has invested capital in the real estate sector through three real estate funds and PMS/ Prop investments. Today, cumulative AUM under MORE stands at more than INR 2,100 crore spread across IREF (INR 200 crore), IREF II (INR 500 crore), IREF III (INR 1030 crore) and balance under PMS / Prop Investments.
In an opaque real estate market where house hunt has been a travail and challenging for most of the Indians, Track2Realty takes up the challenge of finding not one but 100 most promising housing projects in the country. From Bangalore to Chennai, Mumbai to Ahmedabad, and Gurgaon to Kasauli; it has been a worm’s-eye view of thousands of housing projects to find 100 best that could stand out as the investment magnet in this first-of-its-kind study.
Track2Realty: ASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of ASK Group has announced its fifth investment from its second real estate fund. The project which will comprise of residential apartments is expected to have a sales value of around Rs.1000 crores.
Track2Realty Exclusive: Analysis of South Zone
Bangalore is the only major metro in the country which saw a year-on-year increase in take-up of office space in 2012. The total take-up increased by 9% to 8.3 million sq ft in Q1-Q3 2012, from 7.7million sq ft in the year-ago period as a number of occupiers took-up space for their future requirement for consolidation and expansion.
Declining property sales coupled with stretched balance sheets is bound to remain a concern in the short-term, leading to a moderation in property prices in some markets, says a report by market research firm Knight Frank.