K Raheja Group

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Investee: K Raheja Group

Investor: Ishaan Real Estate

Investment Value: $251.63 mn

Ian Hendersen, Chairman, Ishaan Real Estate, said in his interview, “Investment in the initial portfolio of assets is being completed, largely according to a plan, and the increased net asset value reflects the strong demand for our properties and the enormous potential of the Indian property market.” IRE is the holding company of K Raheja Corp floated in order to raise money from foreign markets. IRE leverages the muti-decade experience of the K Raheja Corp. in the Indian real estate sector.

Ishaan Real Estate (IRE), a real estate fund listed on LSE’s Alternative Investment Market (AIM), invested $251 million in K Raheja Corp.’s various projects located in western and southern India. This investment was part of the $412 million that company raised through its global IPO in November 2006. IRE holds a 40% stake in each of Raheja’s eight projects comprising shopping malls, IT parks, hotel projects and residential projects. The Raheja Group at present has expansion plans for their residential, IT park projects and SEZs. Apart from that, the company has major expansion plans for Globus stores, one of their retail ventures. They will be spreading to all parts of the country, and have 152 stores by the year 2012, which will need an investment of nearly $200 million. Also, their other brands such Shopper’s Stop, InOrbit Malls, Mindspace and Commerce Zone will rake in additional investments in the wake of rising demand.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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