Friday 30th of July, 2010
Press Releases
INDIAREIT partners with Skyline Constructions to unveil inr 700 crores initiative for residential projects
Bangalore, August 8, 2007: Redefining development of high-end residential projects across southern India, Indiareit Fund Advisors Pvt. Ltd. – a leading real estate venture capital fund, managing a corpus of more than USD 300 Million - today announced its partnership with Skyline Constructions & Holdings Pvt. Ltd. – a premier real estate developer jointly developing 16 residential projects in Bangalore & 1 project in Mysore.
To be spread over 3.5 Million square feet and consisting more than 2300 residential units, these projects would be located across the city in high yield residential areas like Whitefiled, Kanakpura Road, Banerghatta and Old Madras Road. To be developed by Skyline Constructions, the estimated combined market value for these projects will be more than INR 700 Crores.
Besides these projects, Indiareit would also be supporting Skyline in their future endeavors. These would include new projects of Skyline in Bangalore as well as cities such as Mangalore, Chennai & Kochi – taking the presence of Skyline to more than 25 Million square feet of developed area, including 5 million square feet of commercial spaces as well as development of integrated townships in Bangalore & other cities.
Indiareit Fund Advisors Pvt Ltd. would be working closely with Skyline in all these projects and is looking at investing upto INR 225 Crores in these endeavors.
Announcing the partnership, Mr. Ramesh Jogani – CEO & MD, Indiareit Fund Advisors Pvt Ltd., said, “With an investment focus on high-growth cities, Bangalore remains a veritable investment destination for Indiareit, thanks to its strong multi-sectoral economy, cosmopolitan lifestyles and ever-evolving services domain. This endeavor helps us to enhance our portfolio through giving exposure to projects across high-yield areas of Bangalore & Mysore – thus hedging risks as well as benefiting from growing demand of quality residential projects. In Skyline, we have found an able long-term partner – with strong growth vision, young dynamism & aggressive quest to re-define quality standards, thus syncing with our investment dictum of investing in high quality projects, thereby enabling higher returns to our investors. We wish them luck & success in these projects.”
Sharing details on the proposed projects, Mr. Avinash Prabhu – Managing Director, Skyline Constructions, said, “In our continuous endeavor to re-define expectations for all our patrons, we are proud to today team up with Indiareit. Backed by a strong team with extensive exposure to various facets of real estate development and having proven their credibility & success as a venture capital fund, we are confident that Indiareit would not only act as financial partners – but would bring immense value & expertise on board. We are confident, that with valuable support & insights from the Indiareit team – we would be able to live upto the promise of credibility, deliverability & commitment – as also communicated by Mr. Rahul Dravid, our brand ambassador.”
Reinstating his confidence in capabilities of Skyline and indicating a future roadmap for southern India, Mr. Ramesh Jogani concluded, “We have strong trust in Skyline Constructions and will be aiming at enhancing our investment with them to more than INR 225 Crores to support future endeavors of Skyline in cities such as Chennai, Mangalore & Kochi.”
About Skyline Constructions
Skyline started off as a family owned enterprise with holdings in coffee plantation. Later the enterprise branched out to property development to become a leading name in the real estate industry. In just over two decades since its inception Skyline Constructions has become one of the most trusted builders in Karnataka. Recognized by KOAPA, Skyline today stands tall as an ISO 9001 certified conglomerate with its standards and ethics firmly cemented by the virtues of honesty and integrity.
Skyline has succeeded by building world-class quality spaces as well as making concrete relationships that form the framework of its construction process. Over 60 successfully completed projects, adding up to over four million square feet in industrial, commercial and residential space stands as testimonial to the trust the clients showed in Skyline over the years. With its presence in Bengalooru, Chennai, Mysooru, Mangalooru and Kochi locally, Skyline Construction also has global representations in the United States and Dubai.
About Indiareit Fund Advisors Pvt. Ltd.
The INDIAREIT Fund is a boutique real estate venture capital fund, promoted by Piramal Enterprises. The fund is registered under the SEBI (Venture Capital Funds) and has INDAIREIT Fund Advisors Pvt. Ltd., as its investment advisors. The Fund currently manages a total corpus of $300 million. This includes an Offshore Fund, wherein 3i – one of the world’s leading private equity & venture capital firms, is a cornerstone investor. Backed by some unique strength – including a team which constitutes seasoned real estate professionals and prudent investment philosophy, Indiareit has created a strong niche within just a year of its launch.
Indiareit is currently in the process of raising its third fund with a targeted corpus of INR 700 Crores.