PTI | Mumbai |
Updated: Nov 29 2013, 05:07 IST
Shapoorji Pallonji
Group and Canada Pension Plan Investment Board (CPPIB) on Thursday
Shapoorji
Pallonji Group and Canada Pension Plan Investment Board (CPPIB) on Thursday
announced the formation of a strategic alliance to acquire foreign direct
investment-compliant, stabilised office buildings in the major metropolitan
areas of the country.
CPPIB
will own 80% of the venture with an initial equity commitment of $200 million.
“We
are pleased to be entering into this strategic alliance with CPPIB as a
like-minded long-term global investor,” Shapoorji Pallonji Group chairman
Shapoor P Mistry said in a statement.
Shapoorji
Pallonji has a remarkable performance track record and reputation in the market
for sourcing, delivering and executing value-added strategies and the company
intends to use this experience of over 148 years in the Indian realty for the
long-term success of this platform, he added.
The
venture will target FDI-compliant office assets that are substantially leased
to prominent tenants, with scope for value-added returns from active asset
management. “We are delighted to be partnering with Shapoorji Pallonji to
launch our first real estate venture in India focusing on stabilised office
properties in major urban centres,” CPPIB president and CEO Mark Wiseman said.
India
is a key growth market for CPPIB and, as a long-term investor, CPPIB believe
there are attractive investment opportunities across various sectors, he added.
The
venture will be supported locally by the Shapoorji Pallonji Investment Advisors
team led by Rajesh Agarwal. CPPIB was advised by Vikram Gandhi, founder of VSG
Capital Advisors, and Senior Advisor for investment opportunities in India. Source:
financialexpress.com
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