NRI Real Estate and Property Investment in India
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Embassy Group Plans to Raise $300 Million
Thursday, February 07, 2008

One of the leading names in the Real Estate Sector, Embassy Group, is in discussion with Citigroup private equity amongst others for raising $300 million, as its real estate investment trust (REIT) listing plans in Singapore faces excessive delays on account of weakening markets and authoritarian obstacles.

According to Sources Embassy would look at raising the cash through multiple special purpose vehicles (SPVs). Sources also revealed that the real estate arm of Citigroup PE was in advanced talks to invest $100 million into one of the proposed SPVs.

Embassy, which has steered clear of a market awashed with private equity deals, is also now raising another tranche of $200 million through 2-3 more SPVs. The development comes as Embassy's plans of raising $150 million through a REIT-like vehicle on SGX is delayed, with no definite timeframe in sight given the choppy market conditions.

Embassy had roped in UBS and Goldman Sachs for REIT listing on SGX, and was spinning off some of its assets into a trust structure. Sources said one of the main assets in the trust would have been the 11 million sq ft Manyata Tech Park in the outskirts of Bangalore.

 

 

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