Tishman to raise $1bn fund for investment in India

September 10, 2008	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Real estate developer and fund manager Tishman Speyer is currently in talks with investors for raising a $1 billion (€709 million) fund in a bid to expand its investments in India. Revathy Ashok, managing director of the New York-based property developer and fund manager’s India operations said that the firm was planning to raise the fund in the next eight to 10 months, following on from a $350 million private fundraise earlier this year. Ashok said that the firm hadn’t started any road shows yet.

Real estate prices in India have started to cool over the past six months following a series of interest rate hikes. Ashok said there was still “some pain left for the real estate market in India.” In July, Tishman, which is currently funding three projects in south India according to Ashok, bought out the 50 percent stake of Indian private equity firm ICICI Venture Funds Management from their joint venture property company, TSI Ventures.

TSI Ventures was set up in 2005 to target India’s growing property market. As part of the venture, the two firms raised a reported $700 million fund from institutional investors, with a spending power of $2 billion. TSI Ventures is developing a $2 billion project in Hyderabad, India, that will be home to 30,000 people. The Tellapur Integrated Township, about three miles from Hyderabad’s central business district, will include about 20 million square feet of residential and office space, along with cultural amenities and open space.

News Published Under:   Real Estate Developers |

Comments