JP Morgan Invests $30 Mn In Parsvnath's Residential Project
JP Morgan has invested $30 Mn in Parsvnath Developers Limited's residential project - La Tropicana.
The funds raised will be used by Parsvnath to provide an exit to Red Fort Capital which had invested Rs.115 Cr in 2009.
Ernst & Young is the advisor to the deal.
Transaction Reference: Economic Times
Parsvnath La Tropicana is coming up in the Civil Lines area of New Delhi is spread across 16.8 acres. With over 78% area reserved for lawns, parks, open and landscaped greens, get set to experience a plethora of flora, ferns, foliage, palm groves and numerous water bodies. The project will consist of carefully designed set of condominiums enclosing apartments of 3/4/5 bedrooms and the penthouses & villas. The project is expected to be completed by 2013.
In 2009, Red Fort Capital invested Rs.90 Cr for 18% stake followed by investment of Rs.25 Cr for additional 4% stake. Last year, the company sold 24.5% stake for Rs.120 Cr in its office complex project 'Red Fort Parsvnath Towers' at New Delhi's Connaught Place to Red Fort.
Parsvnath Developers is a real estate developer with pan India presence in over 44 cities in 15 states. It has a diversified portfolio of real estate development projects including integrated townships, residential projects and commercial complexes such as shopping malls, multiplexes, hotels, IT parks, B.O.T. Projects and SEZs.
In January this year, Parsvnath Buildwell Private Ltd has raised Rs.100 Cr from SUN-Apollo India Real Estate Fund LLC by diluting 49.9% stake, to fund its residential project in Ghaziabad, UP. Parsvnath Buildwell, a SPV of Parsvnath Developers Limited is developing a 32-acre premium residential project- Parsvnath Exotica - Ghaziabad.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 27/05/11 | Parsvnath La Tropicana (Residential Project) - JP Morgan | Private Equity | JP Morgan India Property Fund | 30.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | Private Equity | IIFL Capital Limited | Mumbai Redevelopment Project | 14.75 | Completed |
| 17/05/12 | Private Equity | Looking For | Supertech Limited | 553.10 | Planned |
| 15/05/12 | Private Equity | ATS Infrastructure Limited | - | Planned | |
| 11/05/12 | Private Equity | Looking For | Entertainment World Developers Private Limited | 46.71 | Planned |
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 |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Parsvnath Developers Limited | Pradeep Kumar Jain | Parsvnath Metro Tower, Near Shahdara Metro Station, Shahdara |
DLF Limited Unitech Limited BPTP Limited Anant Raj Industries Limited Ahluwalia Contracts India Limited Vijay Associates (Wadhwa) Constructions Private Limited |
www.parsvnath.com |
 |
Ernst & Young (I-Bank) |
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