Delhi-based publishing house MBD Group is negotiating with international private equity firms to offload 26-49 per cent equity in its mixed-use realty development project MBD Zephyr in Bangalore. The project, expected to be completed by 2011 will have a luxury hotel, space for luxury and premium retail and an entertainment space.
According to a report in Mint, the company is looking to offloading a significant minority stake in the retail portion of Zephyr, which is spread over more than 80,000 sq. ft.
The eight-acre MBD Zephyr project at Whitefield near Bangalore is targeting luxury brands such as Gucci, Versace, Louis Vuitton and premium ones such as Debenhams, Zara, Mango and Body Shop. Zephyr will also have a 450-room luxury hotel owned and managed by the MBD Group.
The private equity investment will be completed after eight months once the tenant mix in Zephyr’s retail portion is finalised.
MBD also has plans to develop four more Zephyrs in India in Delhi, Mumbai, Hyderabad and Chennai. The group is also developing a mixed-use development, MBD Neopolis in Ludhiana and Jalandhar, targeting the premium segment of the retail market.
MBD made its fortune as a publisher of preparatory guides for school text books, and later ventured into real estate and hospitality. The company owns MBD Radisson in Noida, the only five start hotel in the Delhi suburb.

Posted on 03/31/08, 12:28 PM
in: Private Equity
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