Renowned architect Hafeez Contractor is reportedly planning to offload around 74% stake in his architecture firm. He is said to be in talks with private equity firms and is looking for enterprise valuation of $150 million, reports Economic Times. India Real Estate Opportunities fund is in race to buy the stake along with some other suitors. Contractor is selling the stake as there will not be a family succession to his firm. Contractor's firm has revenues of Rs 200 crore.
Contractor has designed the likes of DY Patil Stadium and Seawoods Estate in Navi Mumbai. His firm is also developing several projects for real estate giant DLF in Gurgaon. Some of his other projects are Citibank's office in Bandra-Kurla Complex, A.V.Birla Headquarters Office-Worli, and Akruti Centre Point in Mumbai, among others. Contractor's firm has around 350 employees which include senior associates, architects, interior designers, draftsmen, civil engineering team and architectural support staff.
The investment in real estate related services by mainstream private equity funds has been increasing for some time now. In August this year, Baring Asia is invested $100 million to pick up 40% stake in RSP Architects & Planners India. Blackstone Real Estate Partners in April this year invested $18 million for a minority stake in Bangalore-based Synergy Property Development Services.
Geodesic Techniques, a Banglore-based innovative design and civil engineering company, has raised $11 million from Mayfield Fund and SVB India Capital Partners. Last year Sequoia invested $10 million in India and US based engineering outsourcing company Satellier. DLF Group is planning to come up with $200 million fund to invest in companies engaged in construction activity and equipment management.