Taubman Eyes Opportunities in Indian Real Estate

July 19, 2007	(Be the first to rate this story!)  Loading ...
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American real estate baron, A Alfred Taubman, who made billions by developing exclusive shopping malls across the US, is now looking forward to carve out a niche in Indian realty.

Considering the bullish growth that is being witnessed by retail industry in India, NYSE listed Taubman Centers Inc has already initiated discussions with private equity funds and prominent real estate developers.

The company has sent a team in India to list the opportunities for retail development and managing malls.  It is pondering upon to narrow down on one of the available options – entering into a joint venture with a big real estate fund such as Anand Jain managed UIOF, or forging multiple regional alliances with known property developers in leading cities, say sources.

Taubman is believed to have been in talks with UIOF for the past three or four months. However, both the companies have not ascertained anything in this regard. An email query to UIOF did not bring out any response. One of the major factors to take into consideration is the recent establishment of Taubman Asia, with Hong Kong its headquarters, for expanding in the Asian markets.

Taubman also had parleys with Prestige Group, a major real estate developer and Shriram Properties, part of a diversified Chennai based Group.

“Taubman is thinking about bringing much more in India than just money. We are considering about the prospects but it would be too early to comment,” says Neeraj Duggal, VP, Prestige Group.

News Published Under:   Real Estate India |

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