In What could be one of the largest property deals in India, Deutsche Bank Singapore has picked up around 25% stake in a special purpose vehicle (SPV) owned by Mumbai-based developer Lodha Group for Rs 1,700 crore.
The SPV will set up three FDI-compliant real estate projects over 70 acres in Thane and Dahisar. The Lodha group is currently developing as many as 27 realty projects. The deal is believed to be the single-largest FDI in the real estate sector in India by a financial investor till date.
Sources said investment banking firm Trustcap was the advisor to the transaction.In a separate deal, ICICI Ventures has also picked up a 25% stake in Lodha group’s Simtools property in Thane for Rs 100 crore. Early this year, Tata group firm Voltas had sold its subsidiary Simtools to Lodha Developers. The Lodha group is now developing the property as a real estate project. The Deutsche Bank transaction is the third private equity investment in the Lodha group. Apart from Deutsche
Bank and ICICI Ventures, JP Morgan had invested Rs 274 crore in a debt-cum-equity deal in Lodha Bellissimo — a premium residential property, developed at Apollo Mills in Vile Parle, which the group acquired from National Textile Corporation.
Read more in The Economic Times article.
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