Plans to mobilise a Rs 3000-crore real estate fund Nuvama Asset Management and Cushman and Wakefield have floated a joint venture to mobilise a commercial real estate fund of Rs 3000 crore. The joint venture company, Nuvama, and Cushman & Wakefield Management Pvt. Ltd. (NCW) will manage the joint venture activities.
The company will bring opportunities to domestic commercial real estate, according to Cushman and Wakefield Asia-Pacific Chief Executive Mathew Bouw and Nuvama Asset Management president and head Anshu Kapoor. Nuvama, which demerged from Edelweiss Financial Services, enjoys a strong base of over 1.1 million clients. “We have identified some A-grade properties under construction that are in the final stages of construction. This fund management company will invest in five to seven office space projects in Hyderabad, Bangalore, Delhi NCR, Pune, Mumbai, and Chennai,” revealed Anshu Kapoor.
From the perspective of additional office space added, Shanghai tops other cities in the Asia-Pacific region, followed by Bangalore (71 msft), Delhi (43 msft), Hyderabad (32 msft), Mumbai (26 msft), and Pune (16 msft).
Creditors give their nod to liquidate Gayatri Projects Ltd.
The creditors are inclined towards the liquidation of Gayatri Projects Limited, owned by former MP T. Subbarami Reddy. They have outright rejected the bid placed by private equity fund Mark AB Capital Investment LLC. In the Rs 650-crore bid placed by Mark AB, the upfront cash component is limited to only Rs 50 crore. Since the cash component is very low, the creditors have rejected the bid.
“In the voting concluded last week, 66% of the creditors were inclined towards the initiation of the liquidation process. Therefore, a petition has been filed to act as professional liquidators. The promoters have also filed a petition before the NCLT, pleading with it to withdraw the liquidation process. However, the NCLT is yet to take up hearing on the plea,” according to information proved by a person who is privy to information.
The GPL, an engineering, procurement, and construction company, has debts to the tune of Rs 9034 crore. Of the sum, the company owed Rs 7147 crore to banks. It owed the highest amount of Rs 1,911 crore (21% of the total debt) to Canara Bank, followed by Bank of Baroda at Rs 1,382 crore (15%).
