Tata group plans on real estate investment in Singapore
The newly appointed head of Tata group, Cyrus Mistry, also a real estate and construction baron plans to launch a real estate fund in Singapore.
This has been planned as the group wants to unlock a closely held subsidiary’s investment in projects such as IT parks, malls and roads already built or under construction assets such as IT parks, malls and road projects.
Tata Realty & Infrastructure (TRIL), a part of TATA group also plans to buy some IT parks of smaller valuation in India.
The real estate investment trust (REIT) in Singapore which will pool the completed IT parks will help the group unlock revenue from built and leased out assets and re-deploy it for infrastructure projects such as the announced Mumbai trans-harbour link which they have bid for.
The IT parks which will be bought include Ramanujam IT special economic zone (SEZ) in Chennai. In this project, processing zone of 3.5 million sq ft of built-up area and a non-processing zone consisting of Cambridge Green a high-end residential enclave, a retail mall, service apartments and an international convention centre is also planned.
The group had earlier purchased a 700,000 sq ft greenfield IT park from Kotak India Real Estate Fund I for Rs 525 crore in March 2011.
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Kotak India Real Estate Fund, Mumbai, Mumbai trans-harbour link, real estate fund in Singapore, Real estate investment, SEZ, Singapore, Special economic zone, Tata Group, Tata Realty & Infrastructure, TRIL
