J P Morgan, Baring PE To Invest Rs 180 Cr In Embassy Group's Bangalore Project
The Embassy Group is planning to rope in J P Morgan and Baring PE to invest Rs 180 Cr in a 14- acre residential project SPV in Bangalore.
The group has also filed for an IPO with SEBI to raise Rs 2,400 Cr through Embassy Property Developments Limited.
Edelweiss Capital, Nomura, UBS Securities and Citigroup Global Markets are the lead managers to the issue.
Embassy may also look at a pre-IPO placement of up to Rs 1,175 Cr.
THe company plans to utilize the funds finance its projects and pay off a part of the debt.
Transaction Reference: BS
Embassy Property Developments Limited was established in 1993 and has 24.54 mn square feet of space. The company is into residential as well as commercial real estate development.
The 14-acre residential project named 'Embassy Pristine' is being built the Hebbal flyover, north of Bangalore. The Group is developing the project on a land historically-owned by Kirloskar Group in a 67 : 33 revenue share agreement.
Recent PE deals in the real estate space include Indiaret Fund's acquisition of minority stake in SOBO Central Mall. Panchshil Realty also recently raised Rs 520 Cr from the Xander Group for developing hotels across the country.
Within the Bangalore Realty space, Ozone Group had raised Rs 200 Cr from Urban Infrastructure Real Estate Fund for its 'Urbana' township project in Devanhalli, Bangalore .
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 17/08/10 | Embassy Group - J P Morgan/ Baring PE | Private Equity | Baring Private Equity Partners India Limited | 38.50 |
| Date | Type | Buyer | Target | Size ($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 |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| JP Morgan India Property Fund | 360 | Real Estate | www.jpmorganpartners.com | Amit A GadgilDebanjan X BhaduryDinesh X HarchandaniNilaya AgrawallaK S Jangbahadur |
| Baring Private Equity Partners India Limited | IT/ITES/Technology Pharma Healthcare |
http://www.bpepindia.com/ | Subbu N SubramaniamPromila KarnaniRahul BhasinAmit ChanderAjeet Singh Karan | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Embassy Property Developments Limited | Jitendra Virwani JV Holding Private Limited JV Family Trust |
Embassy Point, 1st Floor, 150, Infantry Road |
Orbit Corporation Limited Unitech Limited Lodha Developers Limited |
www.embassyindia.com |
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