Singapore’s Assetz Property to Split its India Business into 3
Developer plans to divide its operations into residential, commercial & logistics
Bengaluru: Singapore-based property developer Assetz Property said it plans to segregate its business in India into three verticals and will aim to raise funds separately for each vertical.
Akshay Dewani, director at Assetz Property, told ET that the company’s operations will be divided into residential, commercial and logistics.
“Assetz is to build a multi development platform, which is sort of spread across commercial, residential and logistics,” Dewani said. “We have a good fund raising capability, so the idea is to capitalise on that, on our transparency and production to translate into a builder we stand for.” The company is expanding commercial real estate business and will also enter warehousing. Each vertical will have a chief executive, who will report to a board of directors. “We will raise funds across residential, warehousing and commercial,” Dewani said.
Assetz had earlier raised about $180 million from Singapore’s Equis Funds Group, JP Morgan and Avenue Venture Partners to expand its residential business. The company, which has nearly 5 million sq ft under construction, plans to launch eight projects in 2017-18. In December, JP Morgan Asset Management had invested about .₹ 200 crore in Assetz Property, which has developed residential and commercial properties, mainly in southern India. Assetz has said it will use the funds raised to build an 18.5 acre residential project in north Bengaluru.
Assetz is also looking to expand in the logistics and warehousing space. “We will raise a dedicated logistics and warehousing fund,” said Dewani. Assetz plans to develop 10 million sq ft over of warehousing space across India over the next four years and set up logistics and warehouse parks on the outskirts of Delhi, Mumbai, Chennai, Bengaluru and Nagpur .
Assetz is expanding its commercial portfolio and will also enter the warehousing space ET ARCHIVES