10-07-07
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Tishman, ICICI Venture to raise 2nd realty fund
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TSI Ventures, a Tishman Speyer and ICICI Ventures joint venture, may look at raising resources from the overseas markets for setting up a second realty development fund for building office and residential space in India.
On its own part, ICICI Ventures may be looking at raising up to $5 billion from global markets by 2012. TSI Ventures’ mandate is to develop properties with cumulative asset value of over $2 billion over the next five years.
TSI Ventures, which announced plans to set up its first office space project spanning 2.2 million sq feet in an IT/ITeS special economic zone in Hyderabad, is working on a project pipeline armed with an investment corpus of $700 million. TSI Ventures says, it is putting the money into projects very rapidly.
Addressing a press conference, Tishman Speyer president and CEO Jerry I Speyer said: “Every major global company is looking at locating in India. There is a huge demand for high quality commercial and residential space. TSI Ventures will be creating mixed use, residential and integrated townships in major cities.”
ICICI Ventures CEO Renuka Ramnath said: “The real estate practice of ICICI Ventures has assumed significance. There is a huge demand for institutional capital and framework in realty development.” In fact, ICICI Ventures will be looking at raising funds to the tune of $5 billion by 2012 from the overseas markets, she said, on the sidelines. ICICI Ventures is currently investing out of its $500-million real estate fund for realty development projects.
TSI Ventures is working on projects in cities like Mumbai, Delhi, Bangalore, Hyderabad, Pune and Chennai. TSI Ventures is also working on a high-end integrated township project in Tellapur, Hyderabad. The capital outlay of Wave Rock, TSI Ventures’ first project in India, was not disclosed.
TSI Ventures will leverage on Tishman Speyer’s large global customer base to get anchor tenants and customers for the office space project. Wave Rock will be able to offer 15,000-20,000 sq feet of contiguous space to large tenants in an SEZ environment in Gachibowli, the emerging financial district of Hyderabad. The first phase of Wave Rock will be completed by the fourth quarter of 2008 and the entire project will be ready by the third quarter of 2009. When completed, it will have the capacity to seat 20,000 people.
Tishman Speyer is looking at developing an iconic landmark in Hyderabad with Wave Rock much like its other commercial properties like Rockefeller Centre and Chrysler Building in New York, Torre Norte in Brazil and the centre in Berlin.
The architects firm for the project is Pei Cobb Freed and Partners, known for landmarks like the Grand Louvre Pyramid, Paris and the Bank of China Tower, Hong Kong.
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Source: The Economic Times
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