Date:21/09/2007 URL: http://www.thehindubusinessline.com/2007/09/21/stories/2007092151530300.htm

Back Shriram Properties ties up with two US equity firms

Our Bureau

Mumbai, Sept. 20 Shriram Properties has said that it is partnering with funds sponsored by US real estate investment firms, Walton Street Capital and Starwood Capital Group, to develop a Rs 5,000-crore integrated township in Kolkata.

Each of the partners will have a one-third stake in the project.

The project, representing a partnering of global real estate private equity firms, to come up on 314 acres in Uttarpara will comprise 20 million square feet of residential, retail and office space. The land earlier belonged to Hindustan Motors, the developers said.

Shriram Properties has developed over 4.5 million square feet of residential and commercial space in Bangalore, Chennai, Coimbatore and Hyderabad. The company is currently developing 70 million square feet across the country, including residential, office, retail, hotel and civic infrastructure.

Mr M. Murali, Managing Director of Shriram Properties, said, “We are excited to be partnering Walton Street Capital and Starwood Capital, who have substantial experience in building destination properties.”

“Walton Street has been building a relationship with Shriram and its team for some time now. We and Shriram are delighted to partner Starwood Capital, with whom Walton Street has had a long-standing relationship,” Mr Sourav Goswami, Managing Director of Walton Street Capital India Private Ltd, said.

Mr Goswami said the deal was the second in India and that they were yet to make the first public.