Thursday, November 22, 2007

Cordea Savills forms Indian real estate venture, seeks 200 mln usd for fund

Cordea Savills and the Nichani Group have formed a property joint venture, launching a fund offering access to land and development opportunities in high growth regions of India.

The Cordea Nichani Indian Opportunities No.1, a closed-ended private limited company incorporated in Mauritius, targets net returns of 25 pct per annum and is looking to raise 200 mln usd with a first closing in November 2007.

Indian Opportunities has four investment themes: residential development, special economic zones, hotel and leisure development and serviced land. It will invest in Southern India and Maharashtra, regions characterised by rapid economic and population growth, a young and highly educated workforce and political stability.

The Nichani Group is a 60-year-old family business operating in Chennai, Bangalore and New York. It is experienced in real estate investments and is also engaged in film finance, information technology and equity investments.

Suresh Nichani, executive director of Nichani Holdings, said: 'Our target is to build a world class real estate fund management business to provide investors with superior risk-adjusted returns.'


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