022 24172311
Sections
Search
DealCurry
Equity
Venture Capital
Private Equity
M&A

Banner
DataBoard Demo
Private Equity | 22 January 2015

Motilal Oswal Real Estate Backs Shriram Properties' Bangalore Project

by Vivek Singh
Motilal Oswal Real Estate Backs Shriram Properties' Bangalore Project
Share on Social Media Email Facebook Twitter Linkedin
 
@vivek

Motilal Oswal Real Estate has invested R67 Cr in Shriram Properties’ Shiram Greenfield, a mid income residential project located off Old Madras Road in Bangalore.

The investment has been made through India Realty Excellence Fund II at the SPV level, a JV with Garden City Realty Private Limited, who owns the land.

The recently launched project is spread across 19.5 acres with total development potential of approx. 2 million sq. ft.

The company plans to further raise R1000 Cr in this fiscal for the development of new projects from the PE players. Last year, the company raised R900 Cr including an entity level investment of R468 Cr from Tata Opportunities Fund giving away 18% stake.

The new funds would be raised to cash out existing projects and infuse them into newer ones. Shriram is planning to come up with 5 projects in Bengaluru, three in Chennai, and one project each in Visakhapatnam and Coimbatore.

Shriram has previously raised $100 Mn from Starwood Capital Group and Walton Street Capital LLC in October 2007 followed by TPG’s $85 Mn investment in July 2011.

At project level it had raised funds from ASK Real Estate, ICICI Prudential PMS Real Estate, Sun-AREA Real Estate Pvt. Ltd and Amplus Capital Advisors Pvt. Ltd. The realty developer is planning to buyout stressed assets and plans to partner with private equity funds for this. It is also planning for an IPO in the future.

Motilal Oswal Real Estate recently raised R440 Cr for India Realty Excellence Fund (IREF) II, exercising its green shoe option. The second fund seeks to invest in in mid-income residential projects in Mumbai Metropolitan Region, National Capital Region, Bengaluru and Pune. It has already made R100 Cr worth of investments across two projects one in Mumbai with Ahuja Developers and another in Bangalore with Mahaveer Group.


Emami Acquires Australian Organic Personal Care Company Fravin

Emami Acquires Australian Organic Personal Care Company Fravin

Emami Overseas FZE (based in UAE), a wholly owned subsidiary of the Emami, has acquired controlling 66.67% stake in Fravin Pty Ltd, an Australian natural and organic personal care company.

Read More...

UTI Ventures Divests its Shares in Ascent Capital

UTI Ventures Divests its Shares in Ascent Capital

UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.

Read More...
Subscribe
Enter your Email address
to receive all the news