Developers DLF, Godrej, Shapoorji Pallonji and private equity firms Blackstone and Brookfield are in the race to acquire the real estate assets of the Indiabulls Group, The Economic Times reported, citing ET Now.
The promoters of Indiabulls Real Estate are hiving off 38% stake in the entity but the buyers are likely to acquire only specific assets. The promoters are open to all options, the report stated, citing people privy to the development.
Indiabulls has appointed consulting giant EY to run the sale, it added.
By selling off its real estate business, Indiabulls hopes to receive the regulatory go-ahead to merge its mortgage lender Indiabulls Housing Finance with private-sector lender Lakshmi Vilas Bank, ET had reported earlier.
Global pension and sovereign wealth funds may buy RIL's InvITs
A number of global pension and sovereign wealth funds are in early-stage discussions with Reliance Industries to invest in two of its infrastructure investment trusts (InvITs)—Reliance Jio Infocomm’s tower and its fibre assets, The Economic Times reported, citing multiple people in the know.
The Canada Pension Plan Investment Board (CPPIB), Ontario Municipal Employees’ Retirement System (OMERS), British Columbia Pension Corporation (BCPC), Abu Dhabi Investment Authority (ADIA), Mubadala Development Company, Singapore’s GIC, and German financial services firm Allianz SE among others are in the fray to acquire Reliance’s InvITs assets, the report stated.
RIL will bring on board five investors, as per law, while some like ADIA, Brookfield and CPPIB may come as co-sponsors writing larger cheques, the ET report added.
RIL has mandated investment banks Citi, Moelis and Company and ICICI Securities to bring the investors on board, said the report.
Jungle Ventures’ third fund
Singapore-based venture capital firm Jungle Ventures has marked the first close of its third fund at an estimated $175 million, a report in The Economic Times stated.
The VC firm has target corpus of $220 million for the third fund, the report added.
German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft (DEG) and Cisco Investments are the new Limited Partners for the fund. Besides, the family office of Singapore-based billionaire Kuok Khoon Hong, co-founder of palm oil producer Wilmar, and John Kim, president of HomeAway, the Expedia Group-owned vacation rental major, have also come on board as investors, the ET report said, citing people privy to the development.
The fund’s exiting LPs, Singapore’s Temasek and the World Bank’s International Finance Corporation also put in money in the latest vehicle, said the report, citing multiple persons in the know.