Grapevine: Tiger Global to back Nobroker; Lodha may sell office space to Varde
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Private equity investors Tiger Global Management and General Atlantic are set to lead a round of funding for up to $130 million (Rs 922 crore at current exchange rate) in real estate platform Nobroker Technologies Solutions Pvt. Ltd at a valuation of $400 million, three people aware of the development told The Economic Times.

In June, General Atlantic led a $51 million Series C round along with existing investors SAIF Partners and Beenext. 

Separately, Tiger Global is also leading a funding round worth up to $60 million (Rs 425.6 crore at current exchange rate) in MyGate, a security app owned by Vivish Technologies Pvt. Ltd for gated premises, persons in the know told The Economic Times.

Meanwhile, Lodha group, a leading real estate company in India, is looking to sell about 700,000 square feet office space in Wadala, Mumbai to Singapore-based Varde Partners for Rs 1,100 crore ($155 million at current exchange rate), people aware of the development told Mint.

Four floors of the building were previously sold to Trent Tesco, a Tata group firm, for about Rs 250 crore valuing the 800,000 sq ft office building at Rs 1,350 crore.

The deal is likely to be concluded by the end of the next month, the people mentioned above said.

In another development, Adani Enterprises, Cube Highways and Infrastructure, Canada Pension Plan Investment Board (CPPIB) and IRB Infrastructure are expected to place binding bids for nine stretches of roads totalling 566.27 km across Uttar Pradesh, Jharkhand, Bihar and Tamil Nadu for toll-operate-transfer model, two people aware of the matter told Mint.

“More than 20 potential bidders had shown interest initially through expressions of interest (EoI) but only the above four have remained engaged with National Highways Authority of India (NHAI) since then,” said one of the two people.

The NHAI has set the initial estimated concession value/reserve price for this roads bundle at Rs 4,995.48 crore ($704.3 million at current exchange rate).

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