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PRIVATE
equity real-estate fund ARCH Capital Asian Partners L.P.
has formed a joint venture with the Mahindra Group of
India for the development of an exclusive residential
community within the 1,500 acre Mahindra World City (MWC)
in Chennai, India.
ARCH
Capital Asian Partners is managed by ARCH Capital
Management Co. Ltd., an affiliate of Ayala Corp.
The
joint venture entity, according to Ayala Corp., is
called Mahindra Residential Development Ltd. The
Mahindra Group controls 51 percent of the joint venture
and an ARCH Capital-controlled investment vehicle 49
percent.
“The
project will take place in around 55 acres of land
located within the MWC Special Economic Zone designated
for low density residential community development,”
Ayala Corp. said in a statement.
It did
not disclose, though, the cost of the project and the
start of its development.
“This
joint venture represents Ayala’s first major foray into
the… real-estate market [in India]. We continue to see
good growth prospects in
India
and we are delighted to have the opportunity to
participate in this momentum through our partnership
with the Mahindra Group,” said Ayala Corp. president
Fernando Zobel de Ayala.
He said
the Indian market is very attractive and they see many
opportunities for joint development and partnerships in
the future in residential real-estate development and in
high-growth areas such as business process outsourcing.
The
exclusive community of approximately 750 residential
units will be master-planned and designed by acclaimed
international planners and architects with amenities,
development standards and an urban environment not
commonly found in
India.
In a
related development, Ayala Corp.’s property arm Ayala
Land Inc. (ALI) and General Electric (GE) signed Tuesday
a memorandum of understanding on the development and
marketing collaboration to promote GE’s ecomagination
products, technologies and services in ALI’s Nuvali
project in Santa Rosa, Laguna.
The
companies will work together to promote green buildings
and houses within Nuvali by showcasing green innovations
for the community and home. A collaboration between ALI
and the Yulo family, Nuvali is a 1,700-hectare ecopolis
development being done in phases.
This is
GE’s first major marketing collaboration with a
real-estate developer in the country that promotes
ecomagination, the company’s commitment to imagine and
build innovative technologies that help customers
address their environmental and financial needs. |
