Economy

ICS Realty to turn into full time developer

Priyanka Pani Mumbai | Updated on November 15, 2017

ICS Realty India, a Mumbai-based retail asset management firm said it is looking at developing projects on its own. The company has hitherto raised and managed funds for other developers. It is also floating a joint venture firm for its hospitality foray in two weeks time.

According to Mr Deep Kantawala, CFO, ICS Realty, will be getting into developing and management of hotels in the premium category through an equal joint venture partnership with an African hospitality major. However, he did not divulge the name of the JV company or any investments it plans to make.

Besides the hospitality foray, ICS is also planning to develop residential and commercial properties. The company will raise its second real estate-focussed fund of around $200 million from the overseas market by July.

The fund known as Triangle Real Estate Fund (TREF) is co-promoted by South African-based Old Mutual Investment Group Property Investment (OMIGPI) and ICS.

“We will invest in 4-5 large green field mixed use projects (with each project having area of 1.5- 2 million sq. ft). Retail will, however, be the major growth driver of these projects. We are looking at anchor investors in the next quarter,” Mr Kantawala said adding that “with this, we will test the waters of being a full time developer from being just a PE fund.”

The company is looking at a 8-10 year investment horizon and hopes to get a return of 20 per cent for the investors, he added.

>priyanka.pani@thehindu.co.in

Published on April 22, 2012

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like