hit the bids
Most of the historical investments in residential asset class made during 2006-07 are equity investments which are still struggling to make exits given the way market evolved -- global meltdown, developers unable to complete work, etc.,” said Shashank Jain, partner, transaction services, PricewaterhouseCoopers (PwC) India.
Also, the investment decisions of global funds are made according to the deployment opportunities available globally, which may not allow the investments in markets like India, unless it is a country or region-specific fund, he added.
Besides JPMorgan India Property Fund, many other funds which deployed money since 2006-2007 are also looking to sell entire portfolios to potential buyers and have given mandates to investment bankers.
Kotak Realty Fund, a part of Kotak Investment Advisors Ltd (KIAL), is all set to sell assets from two real estate funds raised in 2007, and is in talks with US-based Blackstone Group LP and two Canadian entities, Mint reported in October.
IL&FS Investment Managers Ltd (IIML), a unit of Infrastructure Leasing and Financial Services Ltd (IL&FS), is in talks with funds such as Blackstone to sell its IL&FS India Realty Fund I, another Mint report said in July. One of India’s first real estate-focused funds, IL&FS India Realty Fund I was launched in 2005 and made 17 investments, of which it has exited six.
Comments