UK-based private equity major 3i is in talks with Mantri Developers for investing up to $100 mn. Mantri and 3i have had several rounds of talks and the investment could be routed into a special purpose vehicle (SPV) for a specific project. Mantri Developers has already attracted private equity funding in an earlier round from Morgan Stanley Real Estate Fund for 10% stake for $68 mn, valuing the company at $650-680 mn in early 2006.
Some of the biggest PE transactions in the realty space include TPG-Axon investing $100 mn in DivyaSree Developers, Citigroup Property Investors tying up with Nitesh Estates to invest $100 mn to build the 250-room Ritz Carlton in Bangalore, UK-based Trinity Capital infusing £9.1 mn in Hyderabad-based Manjeera Construction, New York-based Och-Ziff Capital which picked up a 25% stake in Nitesh Estates for $ 51 mn and US-based Samsara Capital investing $32 mn in IDEB Projects.
So far, 3i has made seven direct investments in India, the latest being in Indiareit, the real estate fund of the Piramal Group. In the last 18 months 3i has invested over $200 mn in India, and plans to invest a further $1 bn in Asia over the next three years.
Read more in the article in The Economic Times.
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