 |
|  | | | | |
| | SUN-Apollo Ventures LLC
Announces Closing of $630 million Indian Real Estate Fund
January 2007
| | | | SUN-Apollo
Ventures LLC is pleased to announce the closing of the $630 million SUN-Apollo
India Real Estate Fund LLC which will pursue real estate development and investment
opportunities in India. SUN-Apollo Ventures is a joint venture between the SUN
Group, a leading Indian business and investment group principally owned by the
Khemka family with operations predominantly focused on India and the countries
of the Former Soviet Union ("FSU"), and Apollo Real Estate Advisors, one of the
most active global real estate investors and fund managers.
The Fund was
launched in April 2006 and had its first closing in August. Investors include
leading US, European and Middle Eastern institutional investors, multilateral
agencies and high net worth individuals.
The dramatic growth in India's
economy is generating significant demand for all forms of real estate, ranging
from offices to shopping centres to residential developments to hospitality well
in excess of existing supply.
The Advisory Team for the Fund's investments
comprises an expert local team based in Mumbai led by Managing Director Chetan
Davé, who has more than 17 years of experience in the real estate industry. Mr
Davé was formerly Chief Investment Officer and Head of Development for Transwestern
in Houston, Texas prior to which he was a Principal in the real estate group of
J.P. Morgan Partners in New York. The Advisory Team will leverage Apollo's substantial
emerging market and property development expertise and SUN's extensive Indian
and international business experience and network.
The Fund has at this
early stage achieved a strong and robust pipeline and has already closed a transaction
to develop a mixed-use IT park of over 5 million sq ft on a prime site of 58 acres
in Chennai.
Chetan Davé, Managing Director of SUN-Apollo said:
"I
have long believed that the Indian real estate sector has strong fundamentals
and the potential to offer attractive risk-adjusted returns. The SUN and Apollo
partnership combines the complementary strengths of both groups to form a powerful
platform, along with the Advisory Team's in-market experience and network, to
generate the most interesting opportunities for the Fund. Our real estate experience,
value-added partnership approach, a multi-disciplinary team and quality of our
investors sets us apart from our competitors."
Uday Khemka, Vice-Chairman
of the SUN Group, commented:
"We are delighted to be partners with Apollo.
The Khemka family have been operating throughout India for over 100 years and
SUN is extremely positive about the prospects ahead. We believe the Fund to be
uniquely well-positioned, in terms of both the high calibre of its Advisory Team
and the strength and depth of its sponsor support. "
SUN is principally
owned by the Khemka family. It has a long and successful track record of operating
and investing in businesses spanning a variety of sectors across multiple jurisdictions
with a particular focus on India and the countries of the FSU. SUN's private equity
experience has included the establishment of SUN Brewing/SUN Interbrew from 1993
to 2005, which SUN developed and grew into the twelfth largest beer company in
the world.
William Benjamin, Managing Director of Apollo's European
operations headquartered in London states:
"The joint venture with SUN
in India is an important part of our growth strategy. We are committed to building
an enduring and first class franchise. Apollo has a history of being a successful
pioneer in emerging markets as our experience in Central and Eastern Europe has
shown. The Indian real estate story is hugely exciting and we look forward to
the challenges ahead."
Apollo has an extensive and successful development
track record with projects that include the 2.8 million sqft Time Warner Centre
in New York, the 550,000 sqft Southside Shopping Centre in London and the recently
opened 250,000 sqft Shopping-Cité in Baden-Baden, Germany. Apollo's current development
and investment portfolio includes projects in the Czech Republic, France, Germany,
Poland, Romania, Russia, Spain, the United Kingdom and the United States.
Credit
Suisse acted as placement agent to the Fund.
| | | | | | | |
Next | | | | | |
| | |
| | | Contact
Us | To discuss how we can help your
organization, please call +91 22
6688 6100
or send us an e-mail
|
| | |
|
