Sin­ga­pore’s As­setz Prop­erty to Split its In­dia Busi­ness into 3

De­vel­oper plans to di­vide its op­er­a­tions into res­i­den­tial, commercial & lo­gis­tics

The Economic Times - - Companies: Pursuit Of Profit - So­bia.Khan@ times­group.com

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

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