NRI Real Estate and Property Investment in India
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Reliance may join Hands with Vornado for $1-b Realty Investment
Tuesday, February 19, 2008

Reliance Industries is in advanced talks with the New York-based Vornado Realty Trust, one of the world's top five real estate asset managers, to float a $1-billion plus fund. The proposed fund will acquire and manage properties, mainly in the retail space, across India. People familiar with the development said RIL and the New York Stock Exchange-listed real estate investment trust (REIT) were discussing the possibility of an equal joint venture.

Vornado, which has a market capitalisation of nearly $14 billion, owns and manages over 116 million sq ft of realty assets in the US with significant concentration in New York and Washington districts. The sources said while no definitive agreement is in place yet, both parties have made substantial progress in negotiations. RIL spokesperson declined to comment on the development.

It is believed that the joint venture is likely to manage real estate for RIL's rapidly-expanding retail arm Reliance Retail (RRL). The group could also consider taking realty assets off the balance sheet of RRL and its subsidiaries and park it under the management of the proposed joint venture. However, the likelihood of such a move could not be verified.



 

 

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