Bangalore developer to raise $300M

October 7, 2008	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

MetroCorp, a Bangalore-based developer, is reportedly close to raising $300 million (about Rs 1,400 crore) from leading global financial institutions, including Prudential Corporation Asia and Warburg Pincus. MetroCorp, has three projects under execution, and has lined up a bouquet of 21 projects across India, ranging from residential and commercial to integrated townships to special economic zones.

According to the investors in the Indian realty, most mid size developers, be it at the regional levels have taken over a lot of load. The developers have got more projects than they can execute. Century Group, another Bangalore-based land bank and real estate developer, mopped up $300 million from leading fund houses Goldman Sachs and Fortress. There have been many real estate investments in Bangalore in the recent past. Morgan Stanley’s real estate investment arm made its entry into India with its first investment of about $68 million in a Bangalore-based realty firm Mantri Developers Private Ltd. Och-Ziff Capital Management Group, a leading global hedge fund, is believed to be picked up 25 per cent stake in Nitesh for $55-60 million. Red Fort Capital, a Cayman Islands based real estate private equity fund, tied up with Bangalore-based Prestige Group for a $250 million township project.

News Published Under:   Bangalore |

Comments