MBA (6/26/2008 ) Murray, Michael
Prudential Real Estate Investors (PREI), Parsippany, N.J., launched a joint venture with Beekman Helix India Partners LLC (BHI) to invest in real estate in India—operating as Pramerica BHI India and based in Gugaon.
Near New Dehli, Pramerica BHI India plans to create real estate funds for institutional clients through a new private equity real estate platform. The joint venture said it would invest in middle-income residential development projects and office parks—possibly other sectors—on behalf of institutional investors around the world.
BHI—a private U.S. real estate merchant bank with subsidiaries and affiliates in India and Cyprus—and the Prudential's PREI worked together the past two years to complete 11 equity investments at nearly $220 million in seven markets in India—including Bangalore, Chennai, Mumbai and cities in Punjab.
“We have worked closely with top developers and landowners throughout India and we look forward to building this venture into a premier investment manager to serve foreign investors,” said Shekar Narasimhan, CEO of BHI. “We have built a team on the ground that can patiently source opportunities and actively manage them through fruition.”
The McKinsey Global Institute estimated nearly 30 percent of India’s population living in urban areas will grow to 40 percent by 2020, and PREI’s Asia Quarterly report estimated India could reach 8 percent of gross domestic product (GDP) growth this year.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment