MUMBAI: Ishaan Real Estate, the first India-focused real estate fund listed in the Alternative Investment Market (AIM) in London, has acquired 40% stake each in eight real estate projects promoted by K Raheja Corp, for Rs 1,082 crore (£133 million). The properties in which the fund has invested include three IT parks, two Inorbit shopping malls and one hotel property. The Ishaan-K Raheja Corp’s deal could be the first investment by an AIM-listed property fund in the Indian realty space.
Last November, Ishaan had raised about £180 million in its first phase from the AIM market of London Stock Exchange. The entire fund was to be invested in K Raheja’s properties in India. It may look at raising further funds from AIM market , and may look at investing other properties in India, said sources.
Ishaan picked up equity in K Raheja Corp’s Inorbit shopping mall in Hyderabad, Inorbit shopping mall and IT park in Pune, Mindspace IT park in Hyderabad, Mindspace IT park in Navi Mumbai, two Mindspace IT parks in Hyderabad, Commerzone IT park, hotel and retail development in Bangalore, and Viverea residential development at former Hindustan Spinning & Weaving Mills site in Mahalaxmi at Mumbai.
Confirming the development, Ishaan Real Estate chairman Ian Hendersen said: “Investment in the initial portfolio of assets is being completed largely according to a plan and the increased net asset value reflects the strong demand for our properties and the enormous potential of the Indian property market.”
Sources said Ishaan’s current portfolio in India covers a total of 15.4 million sq ft. Ishaan has also secured leasing agreements for over one million sq ft. Currently, in the AIM market , Ishaan shares are trading at around £104.
From the beginning, Ishaan Real Estate works in partnership with K Raheja Corp entities in the western and southern markets. It has also secured leasing agreements with two leading multinational companies for 7,66,000 sq ft of the projects in the initial portfolio.
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