Published on Mon, Nov 06, 2006 at 14:02 | Source : Moneycontrol.com
Updated at Wed, Nov 08, 2006 at 16:18
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Ishaan Real Estate to raise funds overseas
Ishaan Real Estate, a property investment company which will develop a portfolio of real estate projects alongside K Raheja Corp, plans to raise 180 million pounds (including greenshoe option of 15%), reports CNBC-TV18.
Ishaan Real Estate, a property investment company which will develop a portfolio of real estate projects alongside K Raheja Corp, plans to raise 180 million pounds (excluding greenshoe option of 15%). K Raheja Corp will own a majority stake in the projects, which will invest in Indian IT parks/SEZ, Indian residential, retail and hospitality development projects.
Ishaan Real Estate currently has a land bank of 15.3 million square feet. Breaking it up, 13 million sq ft is for commercial projects (10.7 million sq ft may get SEZ status), 1.2 million sq ft is for retail, 0.75 million sq ft is for residential and 0.35 million sq ft for hospitality.
The company has an initial portfolio of 6 SPVs valued at 430 million pounds. The company is also targeting IRR of 20%.
Ishaan Real Estate currently has a land bank of 15.3 million square feet. Breaking it up, 13 million sq ft is for commercial projects (10.7 million sq ft may get SEZ status), 1.2 million sq ft is for retail, 0.75 million sq ft is for residential and 0.35 million sq ft for hospitality.
