RSS FeedYatra Capital Acquires Real Estate Fund Eredene; Invests In Phoenix Mills
Sat, 06/30/2007 - 19:50 — Sahad P V
The Euronext-listed Indian real estate fund Yatra Capital Ltd has acquired another India-focused property fund Eredene Capital Mauritius for €18.07 million (Rs 99.39 crore). Yatra has made the acquisition through its subsidiary K2 Property Ltd.
Eredene was one of the first India-focused real estate funds to list on London’s Alternate Investment Market. In April 2006, it had raised a $100 million from AIM. Yatra Capital, an India-focussed real estate investment company, raised €100 million from the Euronext exchange in Amsterdam in December last year. Founded by ex-HSBC executive Ajoy Veer Kapoor and Rohin Shah, and backed by investors like Morley Fund Management, Fortis Investments and Standard Life, Yatra was the first Indian real estate company to list in Euronext. The fund's focus is to invest in tier II and tier III cities of India, which will invest through Saffron Capital Advisors, an asset management advisory firm.
By acquiring Eredene, Yatra has acquired the following: 1) A 50% stake in an 800,000 square feet shopping mall in Nashik, Maharashtra. 2) A 30% stake for a combined retail, office, hotel and residential development on a 19.5 acre prime site on the outskirts of Indore, Madhya Pradesh 3)A 35% stake in an integrated residential township on a 100 acre site also located on the outskirts of Indore and 4) A conditional term sheet to invest in the development of a five star hotel and service apartments in Bangalore with a 50% stake.
Yatra also announced in a release that it has already invested €51.58 million in Indian real estate projects from its €100 million fund.
Acquires Stake In Phoenix Mills
On June 25, Yatra announced that it has invested €3.73 million in The Phoenix Mills Limited, a real estate development company listed on Indian stock exchanges. Yatra has acquired 126,756 shares for €29.27 (Rs 1600) per share, at a discount to the market price of €5.48 (Rs 300) per share. This gives a 0.88 per cent stake in Phoenix Mills, which recently merged with Ashok Ruia Enterprises Pvt Ltd. The company is currently involved in seven retail led developments of 15 million square feet
Besides Yatra, other investors like Deutsche Bank and Americorp have also invested in Phoenix Mills. But it's not clear how much is the total investment in Phoenix Mills. An NDTV story says the company is divesting a total of 9.5 per cent stake to raise Rs 650 crore from a group of investors like Trinity Capital, besides Deustche Bank, HSBC, DBS, AmeriCorp, GLG Capital and Yatra.
For more, go to Yatra press releases (PDF) on Eredene acquisition and Phoenix Mills.
Other coverage at Mint and NDTV Profit.
Related:
Yatra Capital Raises €105 Million From Euroenext; To Focus On Tier II & III Cities
Comments
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Thanks,
Varun Jain
I belong to a team that executes big real estate projects. We recently acquired many properties in R and C zones of Gurgaon. We are looking for developing townships,malls etc. on these land base. We are willing to partner with indian or non indian company to executes these projects. We are talking to interested parties but we would like to explore more.
Hello Ashish,
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