The Peninsula Land and the giant international investment company named the Lehman Brothers have recently formed a Joint Venture (JV) between them. The Peninsula Land is a subsidiary company of the Ashok Piramal group and the new Rs. 700 crore JV has been formed in order to invest jointly in the real estate projects. The sources related to the JV formation have informed that the Lehman Brothers will be investing an amount of Rs 500 crore and hold a 75 per cent stake in the newly formed JV. On the other hand, the Peninsula Land will hold the remaining equity and make an investment of Rs 200 crore.
In the words of a source close to the development, "Currently, Peninsula is raising funds to invest in its projects in Mumbai, Nashik and other cities. It has also announced a real estate fund, which is yet to be closed. Hence, the proposed JV would garner funds for its new projects". The source also informed that Peninsula Land has already announced two new real estate funds named as the Indigo and Paramount. However, the Executive Vice-Chairman of Peninsula Land, Mr. Rajeev Piramal was out of reach for any comment regarding the new JV formation.
According to the sources from the industry, the Peninsula Land has recently approved the qualified institutional placement (QIP) of 43.7 million equity shares at a rate of Rs 120 per share in order to raise its fund by Rs 525 crore for its upcoming projects. The sources further added that the company also sold 5,75,000 sq ft of its office space at its Dawn Mills property at Lower Parel, Mumbai to the Alok Infrastructure in he last year. The Alok Infrastructure is a subsidiary company of the Alok Industries and the transfer took an investment of Rs 1,100 crore.
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| Posted : 1/7/2008 |
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