City Lights: Abu Dhabi sovereign wealth fund looks to buy India property

Abu Dhabi sovereign wealth fund looks to buy India property

Abu Dhabi Investment Authority,one of the worlds biggest sovereign wealth funds,plans to invest directly in Indian real

estate in an effort to diversify from its current strategy of ploughing money into the country through realty or private equity funds,sources familiar with the matter said.

Morgan Stanley fund back after four years

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Morgan Stanley Real Estate Investment (MSREI),the real estate fund of the global investment bank Morgan Stanley,has invested in a realty project in the country after more than four years. MSREI invested $90 million in Mumbai-based Sheth Developers project in Andheri in part debt-equity form,to help refinance the amount raised to acquire the land parcel from glass major Borosil,a senior official privy to the transaction said. Borosil Glass Works had sold its 18 acre industrial plot near Andheri-Kurla Road to Sheth Developers for Rs 875 crore and the latter has launched a township project on that land which is called Sheth Vasant Oasis.

Equinox Realty seeks $200 mn from asset sale

Equinox Realty,an arm of oil-to-steel conglomerate Essar Group,plans to sell a minority stake in its biggest commercial asset in Mumbai to raise between Rs 750-1,000 crore,according to sources close to the deal. Equinox is in talks with several international and domestic investors,including IDFC and an arm of Singapores Government Investment Corporation to sell a stake in Equinox Business Park.

Real estate fund to get investments rated

Arthveda Fund Management,a subsidiary of Dewan Housing Finance has signed a Memorandum of Understanding (MOU) with CARE Ratings to rate some of the projects that Arthvedas STAR Fund has invested in Tier II/III cities across India.

Developers to shell out fire protection fee soon

Developers in Mumbai would have to pay a fire protection fee along with scrutiny fees to get their building plans approved by the fire department,according to a proposal awaiting the nod of the municipal commissioner. The fee would be charged for residential buildings and commercial buildings and would be in the range of Rs 25-30 per square metre for residential structures and Rs 50-60 per square metre for commercial structures.