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Private equity company Texas Pacific Group (TPG) has picked up 15 per cent stake in Bangalore-based Shriram Properties for $100 million.
Confirming this development, company's managing director, Mr M. Murali, said, “The stake sale would help us in perusing new projects in Tier-II and III cities or buy out projects in tier I cities from other developers.
“Shriram Properties is also planning to acquire projects from other developers who are in debt or have no money to complete the projects.”
Right price
At present Shriram Properties is eyeing projects in Bangalore, Chennai and Coimbatore.
Acquisition of real estate projects would happen at the right price. “At present, valuations in few cities are still very high,” said Mr Murali
The company has deferred its initial public offering plans. “At present we have got $100 million from TPG, we will look at it (IPO) later,” said Mr Murali
The company has been active in Tier-I and Tier-II cities with a portfolio of projects, including residential apartments, integrated townships, commercial, retail, hospitality and special economic zones.
The company has so far completed 4.23 million square feet of residential space and 1.03 million square feet of commercial space, in addition to 67 million square feet of built-up area currently under various stages of development across Bangalore, Chennai, Vizag and Kolkata.
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