Wachovia Enters Indian Real Estate, Invests Rs 170 cr

April 18, 2007	(1 votes, average: 1 out of 5)  Loading ...
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Global real estate funds are being bullish on making large investments in Indian real estate, which has met another potential investor, Wachovia Corporation. Based in Charlotte, North California, it is a leading banking chain in the United States. The company offers a comprehensive range of banking, asset management wealth management and investment banking products and services.

Wachovia has made its maiden realty investment of Rs 170 crore.  The company has also recently picked up a 49% stake in two projects under development in Bangalore.

The firm also has plans to make another whopping investment of Rs 100 crore in a project with B. Raheja Developers to build a Mega Township in Dollars Colony located near Kanakapura Road. The project is to be built over a large area of 22 acres that belonged to Khoday’s breweries.

This third largest US investment banking and broking firm with the assets of over USD 706 billion is to invest another 70 crore into a 10.75 lakh sq ft. Palm Beach Mall which is scheduled to come up in Koramangala with the same property developer.

Wachovia has been trying to carve out a substantial niche in Indian real estate with the right property deal for more than a year. Finally, the company got a chance with property valuations becoming more reasonable. The company like several other interested foreign players feels the entry levels in present day’s scenario would be more on real grounds.

However, Wachovia Corporation denies to reveal the details about its specific investments. According to the industry source, the firm is to finalize an investment lin a Pune SEZ with Kumar Builders.

News Published Under:   Real Estate India |

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