JP Morgan to Invest $100 mn in Prestige Group

June 27, 2007	(Be the first to rate this story!)  Loading ...
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Real estate arm of JP Morgan is reported to be planning to invest heavily in Bangalore based real estate developer Prestige group. The capital is believed to be $100 million and the infusion could be through equity placement or debt financing in the flagship company Prestige Estate & Projects.

The proceedings of the investment will be used for project development across south India, as Prestige is considering its expansion outside Bangalore. The company has several real estate projects in its pipeline which include a shopping mall in Hyderabad, a residential project in Kochi, a technology park in Chennai, and exclusive villas in Goa.

JP Morgan continues to make large scale investments in real estate in the Asia Pacific where it showed a portfolio of around $22 billion in 2007. The group may source the investment from its property fund, JP Morgan Asset Management.

Recently, Prestige has entered into a joint venture with Chennai based Vijaya Productions for development of a mega mall cum multiplex at Vadapalani in Chennai.  The project will involve an investment of Rs 380 crore, including land cost.

The project is to come up over a large area of 1.48 million sq ft. It boasts to feature a nine screen multiplex and a 0.3 million sq ft. commercial space. It will also accommodate a multi level car parking with a space for 2000 cars. The retail and the multiplex space will face the Arcot Road. The Union Ministry of Environment and Forests has already given a nod for the project.

News Published Under:   Banking and Finance |

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