Rohan Lifescapes Plans To Raise PE For Redevelopment Projects
Mumbai-based Rohan Lifescapes Ltd is planning to raise Rs.400-500 Cr through PE for redevelopment projects in Mumbai.
The funds raised will be used for redevelopment projects in Hughes Road, Parel, Prabhadevi and Altamount Road.
JP Morgan PE may invest Rs.80-100 Cr in one of the project of Rohan Lifescapes.
Transaction Reference: Mint
Rohan Lifescapes undertakes redevelopment of residences and owns land at nearly 50 locations in Mumbai, including Hughes Road, Altamount Road, Napean Sea Road, Prabhadevi, Dhob Talao, Khetwadi, Girgaum and Prathna Samaj.
Once a family-run company promoted by Harresh N Mehta, it is now looking to become a professionally-run organisation and is thus looking for PE funding.
Till now, Rohan Lifescapes mostly funded its projects through money raised through bookings.
As on 31st March 2009, it has zero debt on its books.
The company is also developing a two mn sq ft a green commercial project on the surplus mill land in partnership with Ruby Mills to be completed in two phases over four years.
The company is a partner in Shivalik Ventures Pvt Ltd which is developing a 127 acre slum with a potential area of 18 mn sq ft off the Western Express Highway close to the Bandra-Kurla complex.
This year, many real estate players have raised PE. HDFC Venture Funds invested Rs.500 Cr in one of the projects of Lodha Developers for 10% stake, Indiaret Fund's acquired minority stake in SOBO Central Mall, Panchshil Realty raised Rs.520 Cr from the Xander Group for developing hotels across the country, Ozone Group raised Rs 200 Cr from Urban Infrastructure Real Estate Fund for its 'Urbana' township project in Devanhalli, Bangalore. HCC sold a 74% stake in a commercial building in Mumbai’s eastern suburbs to the IL&FS Milestone Fund for Rs.575 cr 2 months ago, a valuation of Rs 775 Cr.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 26/08/10 | Rohan Lifescpaces - Fund Raising | Private Equity | Looking For | 106.70 |
| Date | Type | Buyer | Target | Size ($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 |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Rohan Lifescapes Limited | Harresh N. Mehta | 112-122 Raja Rammohan Roy Road, Prarthana Samaj, Mumbai 400004. | Unitech Limited | www.rohanlifespaces.com |
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