Delhi-based publishing house MBD Group is in talks with international private equity firms to offload equity in its mixed-use development MBD Zephyr in Bangalore, as it tries to raise funds in a nervous and choppy market.The mixed-use development, which is expected to be completed by 2011 will have a luxury hotel, space for luxury and premium retail, and entertainment spaces.The company is looking at offloading between 26% and 49% equity in the retail portion of Zephyr, which is spread over more than 80,000 sq. ft.
The eight-acre MBD Zephyr project at Whitefield near Bangalore is targeting luxury brands such as Gucci, Versace, Louis Vuitton and premium ones such as Debenhams, Zara, Mango and Body Shop. Zephyr will also have a 450-room luxury hotel owned and managed by the MBD Group.The private equity investment will be completed after eight months once the tenant mix in Zephyr’s retail portion is finalized
Read more in The Livemint article.
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