SUN-Apollo Ventures Limited Announces Closing of $630 Million Indian Real Estate Fund

                                                                                         

SUN-Apollo Ventures Limited has announced the closing of the $630 million SUN-Apollo India Real Estate Fund LLC, which will pursue real estate development and investment opportunities in India. SUN-Apollo Ventures is a joint venture between the SUN Group, a leading Indian business and investment group principally owned by the Khemka family with operations predominantly focused on India and the countries of the Former Soviet Union (”FSU”), and Apollo Real Estate Advisors, one of the most active global real estate investors and fund managers.

The Fund was launched in April 2006 and had its first closing in August. Investors include leading US, European and Middle Eastern institutional investors, multilateral agencies and high net worth individuals.

The dramatic growth in India’s economy is generating significant demand for all forms of real estate, ranging from offices to shopping centers to residential developments to hospitality well in excess of existing supply.

The Advisory Team for the Fund’s investments comprises an expert local team based in Mumbai led by Managing Director Chetan Dave, who has more than 17 years of experience in the real estate industry. Dave was formerly Chief Investment Officer and Head of Development for Transwestern in Houston, Texas, prior to which he was a Principal in the real estate group of J.P. Morgan Partners in New York. The Advisory Team will leverage Apollo’s substantial emerging market and property development expertise and SUN’s extensive Indian and international business experience and network.

The Fund has at this early stage achieved a strong and robust pipeline and has already closed a transaction to develop a mixed-use IT park of over 5 million sq ft on a prime site of 58 acres in Chennai.

Uday Khemka, Vice-Chairman of the SUN Group, commented: “We are delighted to be partners with Apollo. The Khemka family have been operating throughout India for over 100 years and SUN is extremely positive about the prospects ahead. We believe the Fund to be uniquely well-positioned, in terms of both the high caliber of its Advisory Team and the strength and depth of its sponsor support.”

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Source: IndiaRealEstateblog

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