Business Daily from THE HINDU group of publications
Tuesday, Sep 25, 2007
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Business Daily from THE HINDU group of publications Tuesday, Sep 25, 2007 ePaper |
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Real Estate & Construction Markets - Asset Management Companies Somasroy Chakraborty Kolkata, Sept. 24 UBS Global Real Estate, the real estate arm of global financial services powerhouse UBS Global Asset Management, plans to launch a $1-billion India specific real estate fund by the end of this year. The company has tied up with Mumbai-based real estate developer K Raheja Corp to finance various real estate projects across the country. UBS Global Asset Management is one of the three business groups of UBS, the other two being Global Wealth Management & Business Banking, and the Investment Bank. UBS Global Real Estate has invested nearly $50 billion in assets till March 2007 and has around 360 employees and 13 offices around the world. According to industry sources, the proposed fund will have a lock-in period of seven years with the option of two one-year extensions. UBS Global has already raised nearly $100 million and plans to raise up to $400 million of equity. The fund, the first for UBS in India, will be managed offshore. When contacted, Mr Mark Chamieh, Head of Business Development, UBS Global Real Estate, did not deny the development. However, he did not disclose any details as he was scheduled to visit the US and would be unavailable till next week. The official spokesperson and Mr Neel C. Raheja, Group President of K Raheja Corp, were not available for comment. The fund will also invest in real estate projects promoted by developers other than K Raheja Corp. “The proposed fund will mostly look at retail projects, where K Raheja Corp is likely to have a presence through anchor stores,” an industry source told Business Line on condition of anonymity. The retail formats of K Raheja Corp include Shoppers’ Stop, Crossword, Inorbit Mall and Hypercity. Industry sources also said that the fund will target realty projects in tier II and tier III cities where returns are likely to be better than metro and tier I cities. Realty cos opting for jt ventures with foreign players FIIs help in realty stocks’ resilience More Stories on : Real Estate & Construction | Asset Management Companies
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