By 23 April, 2009

Chetan Dave has stepped down as the managing director and chief executive officer of SUN Apollo Real Estate Advisors Pvt. Ltd. He would now take on the role of senior advisor to the company.

Prakash Kalothia who has served on the SUN Apollo Investment Committee since its inception and has been with the SUN Group for seven years will assume MD and the CEO role.

Dave will continue to be on the board of SUN Apollo. He will continue to provide advice and guidance on the fund's portfolio of investments and its investment strategy. Dave has been serving SUN Apollo since its inception and had also helped in raising the $630 million SUN Apollo India Real Estate Fund.

Dave has cited personal priorities as the reason for transitioning from the post of MD & CEO to that of the senior advisor.

 

Dave has more than 20 years of experience in the real estate industry. He has earlier worked with Transwestern in Houston, Texas as its chief investment officer, prior to which he was a Principal in the real estate group of J.P. Morgan Partners in New York.

 

Prakash Kalothia has been responsible for the company’s management and the oversight of its real estate investment business in India, as its managing director. Prior to joining SUN in 2002, Kalothia worked for Lend Lease Corporation and Larsen & Toubro.

 

Kalothia has also worked closely with Chetan Dave for building the local team and managing relationships with local operating partners at SUN Apollo.

 

SUN Apollo is the India based advisor for a $630 million India focused real estate fund. SUN Apollo Ventures LLC, the Manager, is an equal partnership between SUN Group, promoted by the Khemka family and AREA Property Partners (formerly Apollo Real Estate Advisors).

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