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Transactions - FEBRUARY 27, 2017

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Ivanhoé Cambridge commits $250m to Indian real estate JV

by Andrea Waitrovich

Ivanhoé Cambridge, a real estate subsidiary of Canada’s Caisse de dépôt et placement du Québec, has made a $250 million commitment to a joint venture with India-based Piramal Enterprises Ltd. The joint venture will target five major markets in India: Bangalore, Chennai, Delhi, Mumbai and Pune .

Piramal will commit an additional amount and co-invest between 25 percent and 50 percent in each transaction. The total investment may scale up to $340 million between the partners. The capital, which will be in the form of pure and structured equity, will be deployed in about three years with a seven- to 10-year investment horizon.

The Indian real estate sector has largely relied on debt and structured debt financing over the past four years, owing to a slowdown and need for money for a variety of reasons, including refinancing existing loans. The demand for equity remains strong, however, particularly by top-grade developers who are looking to buy or develop land and nee

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