Indiareit to invest Rs 200 cr in realty

Indiareit, the private equity arm of the Piramal Group focused on real estate investments, is in talks with Lokhandwala Developers in south Mumbai to invest Rs200 crore in a real estate project. Sachin Dave reports.

Updated on: Sep 20, 2011, 24:17:58 IST

Hindustan Times | By Anonymous, Mumbai

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Indiareit, the private equity arm of the Piramal Group focused on real estate investments, is in talks with Lokhandwala Developers in south Mumbai to invest Rs200 crore in a real estate project, a person closed to the development told HT.

"The investment would be at a special purpose vehicle (SPV) and Indiareit has completed its due diligence. Now the discussions are happening around the valuations," said the source.

Lokhandwala Developers, one of the oldest realtors in the city that is into redevelopment and luxury apartments, were seeking investments in three of their projects in south and central Mumbai. While two of the realtor's projects are high-end residential ones, the third is a mixed use one. "We are in talks with a private equity player for three of our projects but it would be too premature to discuss that at this point in time," said Mohammed A Lokhandwala, chairman, Lokhandwala Infrastructure.

While an email sent to Ramesh Jogani, CEO Indiareit remained unanswered.

A fortnight back Indiareit concluded a Rs200 crore SPV investment in luxury residential project in Worli, with Omkar Developers.

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