ICICI Prudential Portfolio Managers may invest Rs 75 crore in a commercial project Kanakiya group coming up on BEST property in Mumbai.
Kanakiya acquired the development rights of the land from the Delhi-based Parsvnath Developers recently. Rashesh Kanakiya, chairman and managing director, Kanakia Spaces confirmed the talks.
Parsvnath had bagged the development rights for the plot in 2007 from BEST to build a bus depot, staff housing and buildings for commercial use. Kanakiya group is said to have bought rights for Rs.300 crore. Parsvnath decided to sell the rights as part of its debt reduction plans.
Earlier, ICICI Prudential in 2007 picked up 40 per cent in a residential project of the Ansal API group in Ghaziabad for over Rs 100 crore.
Transaction Reference: BS
The Kanakia Group is based in Mumbai and has interests in real estate, entertainment, hospitality and education. It owns the Cinemax chain of multiplexes and Courtyard Marriot hotel in Mumbai. Kanakia Spaces’ realty portfolio is concentrated in Mumbai across redential commercial and retail developments.
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 12/07/10 |
Kanakia SPV - ICICI Pru PMS |
M&A |
ICICI Prudential Asset Management Services Limited |
17.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 07/02/12 |
Private Equity |
SUN-Apollo India Real Estate Fund |
Assotech Limited |
15.29 |
Announced |
| 06/02/12 |
Private Equity |
Kotak Realty Funds Group |
Orris Infrastructure Private Limited |
16.40 |
Announced |
| 02/02/12 |
Private Equity |
Ascendas India Trust |
Operational Buildings |
36.04 |
Completed |
| 02/02/12 |
Private Equity |
Baring Private Equity Asia Limited |
RMZ Corp Holdings Private Limited |
- |
Announced |
Company |
| Name | Promoters | Office | Competitor | Website |
| ICICI Prudential Asset Management Services Limited |
|
12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi: 110001 |
DBS Cholamandalam Asset Management Limited |
www.icicipruamc.com |
| Kanakia Spaces Private Limited |
Rasesh B Kanakia & Group |
349, Business Point, 5th Floor, Western Express, Highway, Andheri (East),
Mumbai-400069. Maharashtra, India. |
Orbit Corporation Limited |
www.kanakia.com |
