Reliance Industries is in advanced discussion with the New York-based Vornado Realty Trust. It is one of the world’s top five real estate asset managers. Main aim of this discussion is to float a $1-billion plus fund. The proposed fund will acquire and manage properties, mainly in the retail space, across India. People familiar with the development said RIL and the New York Stock Exchange-listed real estate investment trust (REIT) were discussing the possibility of an equal joint venture.
Vornado has a market capitalization of nearly $14 billion. It owns and manages over 116 million square feet of realty assets in the US with significant concentration in New York and Washington districts.
It is supposed that the joint venture is likely to manage real estate for RIL’s rapidly-expanding retail arm Reliance Retail (RRL). The group could also consider taking realty assets off the balance sheet of RRL and its subsidiaries and park it under the management of the proposed joint venture. However, the likelihood of such a move could not be verified.
Reliance has been on the lookout for partnering a real estate manager for developing an asset base, primarily for expanding its retail play. It has been in talks with several international players, including Taubman Centre, another US-based player. However, the group has now adopted a more pragmatic approach of forming joint ventures to capitalize on the domain expertise or brand power that an international partner could bring in certain sectors.
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i want people who deal in project loans & real estate join venture.
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vikram singh
direct no – +91+9811351074