Vornado Plans to Increase Investment in India’s Chatterjee Group

November 16, 2007	(Be the first to rate this story!)  Loading ...
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The third- largest real estate investment trust in the U.S., Vornado Realty Trust, is keen to invest in Indian developer Chatterjee Group as economic growth increases construction in Asia’s fourth-biggest economy.

In an interview, Vornado President Michael Fascitelli talked about regional investment at the annual convention of the National Association of Real Estate Investment Trusts in Las Vegas.

According to Fascitelli, Vornado Investment Company owns about 25 percent of Chatterjee after investing some $125 million in the company and its assets over the past two years.

India’s property boom has attracted a lot of International investors. U.S. and European property companies are eager to tap growth in Asia after the collapse of the U.S. subprime mortgage market tightened credit, crimping returns.

Fascitelli further said that Vornado may later sell its Chatterjee investment through an initial public offering.

The Chatterjee alliance, Vornado’s first foray outside the U.S., grew out of Fascitelli’s 20-year acquaintance with Chatterjee founder Purnendu Chatterjee and in house expertise at Vornado.

News Published Under:   Real Estate India |

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