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Nilanjan Dey

Seeks to blend real estate and corporate finance expertise

Kolkata June 5 Bluestone Quantum Management Pvt Ltd, which provides real estate fund management advisory services to institutional investors and developers, is stepping up activity in the country.

The company, a joint venture between Bluestone Asia group and Quantum Business Consulting Ltd, expects to start making more strategic investments in key cities.

Bluestone Asia is a diversified real estate investment, development and fund management outfit, noted Mr Manish Agarwal, Director, Bluestone Quantum, adding that the group seeks to blend real estate and corporate finance expertise in order to mitigate risks and deliver superior returns.

SPVs

The group specialises in managing the Bluestone Real Estate Development Funds through a series of special purpose vehicles, created to undertake joint ventures with landowners and developers in India.

"We are in negotiations on a series of joint venture development projects in some major cities, focusing on residential projects and pre-leased asset opportunities," Mr Agarwal noted.

"We are now setting up separate advisory services, christened Bluestone Quantum RE Advisors, for the overseas fund management company and the Indian arm.

The idea is to bring in international expertise and leverage it for local use," he maintained.

The group now owns a real estate development portfolio featuring a few current and pipeline projects comprising roughly 2,500 residential dwellings across four regional markets in Asia.

Quantum, its JV partner, is a mid-sized boutique investment banking company based in India, offering a range of financial services.

The `deal flow' in India includes about 25 acres north of Kolkata for construction of 2,100 units, an IT park in Bangalore and a shopping centre/IT park in Chennai.

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