Morgan Stanley invests Rs 675cr in Oberoi Constructions

743 Investors following Morgan Stanley. Share this News with them.

0

Like this story, share it with millions of investors on M3

Morgan Stanley invests Rs 675cr in Oberoi Constructions

Morgan Stanley Real Estate invests Rs 675 crore in Oberoi Constructions in India

Post your opinion here

 

0

Tweet

Share on Tumblr

RELATED NEWS Morgan Stanley overweight rating on Bajaj Auto Uninterrupted investment into EMs in '07: Morgan Stanley Morgan Stanley forsee Satyam's net at Rs 339 cr in Q3 ALSO READ See latest News about Morgan Stanley See previous management interviews See what other Experts & Brokerages are saying about Morgan Stanley Morgan Stanley BSE | NSE 01/01/70 Are Mutual Funds betting on Morgan Stanley?

Morgan Stanley Real Estate announced that it has invested Rs. 675 Crores (approximately US$152 million) in Oberoi Constructions, a leading Indian real estate developer, focusing on residential, commercial, retail and hospitality projects.Mr. Vikas Oberoi, Managing Director of the company, commented, "The pro-reform government policies combined with the globalization of the Indian economy has driven increased disposable incomes of the middle and upper middle classes, rapid urbanization and increased liquidity in the Indian markets. As a result of this, the Indian real estate industry has seen and will continue to see exceptional growth for several more years. Oberoi Constructions has been very passionate in building expertise across various asset classes and we intend to utilize this expertise to expand our geographic footprint across India. We are very excited about our partnership with Morgan Stanley Real Estate, a leading global real estate investor, as this will allow us to further capitalize on this significant growth opportunity and at the same time provide us access to their global real estate franchise and relationships."

Oberoi Constructions has executed over 30 projects primarily in Mumbai. The company has acquired large tracts of prime land across Mumbai and currently has a development pipeline of around 15 million square feet.

Anand Madduri, Executive Director and Asia Pacific Portfolio Manager for Morgan Stanley Real Estate's Special Situations Fund III said "We are extremely pleased and privileged to announce our partnership with Oberoi Constructions, which we believe is a unique company with an entrepreneurial vision, strong value systems and one of the bestin- class real estate developers in India. This investment represents a continuation of our strategy to provide growth capital to companies like Oberoi Constructions with exceptional management teams and differentiated development capabilities across all real estate asset classes. This investment is one of our largest equity investments globally and as such represents our commitment and belief in the continued success of Oberoi Constructions.We look forward to working with the Oberoi Constructions management in growing the company, its overall franchise and the brand."  

Oberoi Constructions was founded in the mid-80s and is headquartered in Mumbai. The company has been a pioneer in structuring, executing and developing various types of real estate assets. The company has an unblemished record of acquiring large tracts of land most of them being from Multinationals. Oberoi Constructions has been a significant player in the niche segment of high-end apartments catering to High Networth Individuals. Oberoi Constructions also pioneered possibly the first private equity transaction at an SPV level in the Indian real estate sector over 3 years ago.  

Contd on page 2.....