INDIA BUSINESS WORLD - NOVEMBER 16th - NOVEMBER 30th
- 2007
NICHANI-CORDEA JOINT VENTURE RAISING $200 M FOR REALTY FUND
Cordea Savills, the UK-based property fund manager has announced that it entered into a joint venture with the Nichani Group to float a real estate fund-Cordea Nichani Fund Managers (Mauritius).
The JV company will invest in the Indian realty space and is currently in the process of raising its first $200-million fund.
The tie-up marks Cordea Savills' foray into the Asia region. "The partnership is set to launch a $200-million real estate fund focusing on projects in southern India and Maharashtra. The fund would be operated out of Bangalore, London, New York and Mauritius. This will be the first of a series of funds that we are planning for India," said Cordea Savills executive chairman John Patridge. Cordea offers services on a pooled fund or on segregated mandate basis. As on June 30, 2007, it has $5.6 billion of gross assets under management.
The Nichani Group is a 60-year-old business house operating out of Chennai, Bangalore and New York. Cordea and Nichani Holdings, are the major shareholders in Cordea Nichani Fund Managers (Mauritius). Bangalore-based realty firms Velankani Infrastructure and the Sastry Group, cityheadquartered construction firm Caliber Construction and an unnamed Mumbai-based developer hold a minority stake in the firm. "The $200-million fund titled Cordea Nichani Indian Opportunities No 1 will invest in four key areas-residential development, SEZs, hotel and leisure and serviced land (theme-based resorts)," said Suresh Nichani, chairman, Nichani Holdings, LLC.
According to a release, the group has acquired land in Coorg and Ooty for the proposed hospitality development. It is also in the process of acquiring land in Bangalore, Mysore and Chennai for residential and SEZ plans. "Our plan's include developing an SEZ in Devanahalli in Bangalore. Negotiations for a 26-acre patch are underway. We are also exploring the idea of developing SEZs near Chennai, at Sriperambudur and off-Old Mahabalipuram Road (OMR). On residential front, plans are on to pick up a 20-acre patch in Kanakapura and Sarjapur, in Bangalore," said Harilal G Nichani, president, Nichani Group of Companies.
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