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Hypo Real Estate Group, the German commercial real estate financing conglomerate, may be investing about Rs 600 crore ($150 million) in three projects being executed by the Bangalore-based Shriram Properties, reports Business Standard. However, the management of Shriram Properties hasn't confirmed the deal.
Shriram Properties, part of the Rs 25,000 crore Chennai-based Shriram Group, recently raised $100 million at enterprise level from the US-based real estate private equity fund Walton Street Capital. This capital was raised to buy land in Gurgaon and Pune. The report adds that Hypo's investment will be for commercial projects primarily in South India with a heavy focus on the Chennai market. It's also not clear if the capital will come in as equity or debt.
Shriram had raised about Rs 1,000 crore from Starwood Capital Group and Walton Street Capital for developing an integrated town ship project in Kolkata. the firm raised around Rs 1,000 crore from US-based private equity players Walton Capital and Starwood Capital Group. This is besides the $100 million invested at the enterprise level in Shriram Properties by Walton Street. Shriram Properties is also planning an IPO.