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UK-based 'Trinity Capital' invests in Gurgaon real estate


UK-based 'Trinity Capital' invests in Gurgaon real estate

Last updated: June 18 2007
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  • UK-based 'Trinity Capital' invests in Gurgaon real estate

    Hmmm......Once again Gurgaon.

    Residential property prices in Gurgaon are seeing a downside but realty funds remain hot on commercial property.
    UK-based 'Trinity Capital' has invested over 37 million pounds in IT SEZ, reports CNBC-TV18.

    Foreign money continues to find its way to Indian real estate. UK-based Trinity Capital, a 250 million pound fund managed by Trikona Capital and listed on the alternative investment market, has acquired a 49.4% stake for over 37 million pounds, in Luxor Cyber City. The two will develop an 8.2 million sq ft Special Economic Zone in Gurgaon.

    Of the total space, 4.9 million sq ft will be used for IT and IT enabled services, while 3.3 million sq ft will be developed for supporting infrastructure, such as residential projects, schools, hospitals, and entertainment zones.

    There is a demand of about 16 million sq ft of IT and ITES space in Gurgaon, as against a planned supply of only about 8 million sq ft. Trikona Capital expects significant interest from IT and ITES companies for this project and hopes to reap a return of over 25%.

    While the project is scheduled to start by the end of this year, it is expected to be completed by June 2012. Besides the land cost, the development value for the project is expected to be approximately 204 million pounds. Over the last one year, Trikona invested more than 150 million pounds in Mumbai and Greater Noida. Trikona is now looking to invest over 500 million pounds a year, for the next four to five years, in Indian real estate and plans to develop 50 million sq ft.

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