Real Estate News Update for August 8
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Sovereign wealth funds including Singapore's GIC and Abu Dhabi Investment Authority (ADIA) along with two Canada-based pension funds are in talks to acquire Blackstone Group's 50% stake in two separate commercial portfolios of Panchshil Realty and Salarpuria Sattva Group, said persons with direct knowledge of the development.
Mindspace Business Parks REIT (Mindspace REIT) has appointed Ramesh Nair as its new chief executive officer (CEO). In his new capacity, Vinod Rohira will also spearhead a larger role within the group as managing director and CEO (Commercial Real Estate), K Raheja Corp; along with a seat on the board of the Residential Business – K Raheja Corp Homes.
Capgemini Technology Services India has renewed its lease for more than 300,000 square feet of commercial office space in Kokapet, Hyderabad, spanning across two assets. The property was leased from GAR & Sons builders. The office space has a lease tenure of 60 months across two separate deals with 15% escalation, as mentioned in a lease document shared by Propstack.
Sobha has reported a growth of 165.42 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 12.05 crore in Q1 FY24 as against Rs 4.54 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company's net consolidated total income stood at Rs 939.24 crore in Q1 FY24, a growth of 62.98 per cent from Rs 576.30 crore it recorded in the similar quarter last year.
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Private equity investment in real estate rose 51 per cent year-on-year to Rs 24,680 crore in the first six months of this year, Cushman & Wakefield said on Monday. The private equity (PE) investment during April-June stood at Rs 15,850 crore (USD 1.92 billion), which was 63 per cent higher than the previous quarter and 60 per cent higher than the same period last year.
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